The Nigerian National Petrol Company (NNPC) Limited has announced the hike in the pump price of Premium Motor Spirit also known as petrol across states
The price adjustment by NNPC Limited is coming about 48 hours after President Bola Tinubu announced an end to the subsidy regime during his inaugural speech at Eagle Square, Abuja on May 29, 2023.
According to a statement titled “Adjustment In Pump Price Of PMS” by Garba Deen Muhammad, Chief Corporate Communications Officer of NNPC Limited, he said the price of the essential commodity has been adjusted at its retail outlets nationwide but he did not mention a specific amount.
He said the price per litre of petrol will continue to fluctuate to reflect market dynamics.
“NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities.
“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.
“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products.”
“The company sincerely regrets any inconvenience this development may have caused.
“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth” the statement reads.
This statement from NNPC Limited seems to have given credence to earlier indications that NNPC Limited might have approved the adjustment of fuel prices.
The reports stated that NNPC Limited and stakeholders had at a meeting on Wednesday morning arrived at a resolution by the management to approve an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations, instructing all marketers to adjust retail prices for the petroleum product across states.
According to a statement obtained from the management to the newsmen, “Please implement meter change as approved, effective today 31st May 2023. Wayne is to attend to all locations as relates to their area of coverage in our network.”
According to the new price schedule, petrol will sell highest in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northeast zone.
Benni Kebbi will buy petrol at N545 to lead prices in the Northwest zone. The average price in the North Central zone will be N537 per litre, except in Illorin, where it will sell for N515 per litre. Consumers in the Southeast will buy at an average of N520 per litre.
Apart from Uyo and Yenegoa, where petrol will now sell at N515 per litre, the rest of the Southsouth zone will get the product at N511 per litre.
Consumers in Lagos will buy the product at N488 per litre, while the rest of the Southwest zone will get the product at N500 per litre.
