The Nigerian National Petroleum Corporation Limited (NNPCL) has confirmed an upward review of pump price of petrol.
Chief Corporate Communications Officer of NNPCL, Garba Deen Muhammad, confirmed this in a statement on Wednesday afternoon.
The statement read, “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.
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“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.”
Based on the new development, retail managers of NNPCL outlets have been directed to implement the price review from Wednesday, May 31, 2023.
According to a widely circulated list, a new table of retail prices had been adopted for different geopolitical zones of the country.
A terse statement accompanying the table of retail prices read, “DEAR ALL. Following Management approval of the Upward review of NNPC PMS pump price as in below table for Mega/Standard/Leased Stations, Please find below schedules for the RMSs and Wayne to handle. 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,” a statement read.
According to the new price schedule, petrol will sell at N488 per litre in Lagos; N500 per litre in other states in the South West; N557 per litre in Maiduguri, Borno State, and Damaturu, Yobe State and N550 per litre in the rest of the North East zone.
Birnin Kebbi residents 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 Ilorin where it will sell for N515 per litre. Consumers in the South East 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 South South zone will get the product at N511 per litre.
In his inaugural speech, President Bola Tinubu announced that fuel subsidy was gone, and shortly after, fuel queues returned to stations across the country.
