NNPC Announces New Fuel Prices, Effective Immediately 

The move comes soon after Nigeria’s newly elected President, Asiwaju Bola Ahmed Tinubu, said gasoline subsidies will be phased out.

By Omotayo Olutekunbi

The Nigerian National Petroleum Company (NNPC) Limited has officially unveiled the new pricing range for Premium Motor Spirit (PMS), often known as gasoline or petrol, in a major move.

Prices have been set between 488 and 555 per liter at the peak, effective immediately, indicating the end of the gasoline subsidy period.

The move comes soon after Nigeria’s newly elected President, Asiwaju Bola Ahmed Tinubu, said gasoline subsidies will be phased out. The firing has produced repercussions in the country’s downstream petroleum industry.

Earlier reports in this publication have highlighted signs of an impending increase in gasoline prices. A leaked paper suggested a worrying retail price of more than 500 per liter, causing industry perplexity and alarm.

The management agreed and authorized revising the NNPC PMS pump pricing table for Mega/Standard/Leased Stations at a meeting of NNPC stakeholders on Wednesday morning. As a result, all marketers were directed to alter the retail pricing of petroleum products across states.

Contrary to prior expectations that the decision on gasoline prices would be postponed, the management has already produced a revised table of retail pricing for the country’s major geographical zones. Marketers have been instructed to implement these adjustments on Wednesday, May 31, 2023.

In an official statement to the press, the management stated, “Please implement meter change as approved, effective today, May 31, 2023. Wayne is to attend to all locations as relates to their area of coverage in our network.”

The updated pricing schedule would see the highest fuel rates in Maiduguri and Damaturu, where it will be sold for 557 per liter. The price will be 550 per liter in the remainder of the Northeast zone.

Benni Kebbi will have the highest rates in the Northwest zone, at 545 per litre. Except for Illorin, where it will be offered for 515 per litre, the North Central zone is expected to see an average price of 537 per litre. Southeast consumers may anticipate spending an average of 520 per litre.

Except for Uyo and Yenegoa, where fuel will now cost 515 per liter, the remainder of the Southsouth zone will pay 511 per liter.

Petrol will be marketed at 488 per liter in Lagos, giving consumers the best deal. The product will be available to the remainder of the Southwest zone for $500 per litre.