Fuel Subsidy Ends in Nigeria as NNPC Announces New Petrol Prices

Ilesanmi AdekanbiMay 31, 2023

2 minutes read

The era of fuel subsidy in Nigeria is over, as the Nigerian National Petroleum Company (NNPC) Limited has released a new price range for Premium Motor Spirit (PMS), also known as fuel or petrol.

Newsflash Nigeria reports the new prices will vary from N488 to N555 per litre, depending on the location and type of retail outlet.

This comes after the newly elected President, Asiwaju Bola Ahmed Tinubu, declared the termination of fuel subsidy in Nigeria.

This newspaper had earlier reported that petrol prices were likely to increase significantly, based on a leaked document that showed a retail price of over N500 per litre.

This caused confusion in the downstream sector of Nigeria’s petroleum industry.

On Wednesday morning, NNPC stakeholders held a meeting and agreed to revise the NNPC PMS pump price table for Mega/Standard/Leased Stations.

They also instructed all marketers to adjust the retail prices of petroleum products across different states.

Previously, it was expected that the fuel price would be determined at a later date.

However, the management has now issued a new table of retail prices for various geopolitical zones in the country, directing marketers to implement the changes immediately from Wednesday, May 31, 2023.

In an official statement by its Chief Corporate Communications Officer, Garba Deen Muhammad, the management said, “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 important to note that prices will continue to fluctuate to reflect market dynamics.

“We assure you that NNPC Limited is committed to ensuring a continuous 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.”

According to the revised price schedule, the highest petrol prices will be seen in Maiduguri and Damaturu, where it will be sold at N557 per litre. In the rest of the Northeast zone, the price will be N550 per litre.

Benni Kebbi will witness the highest prices in the Northwest zone, purchasing petrol at N545 per litre. The North Central zone will experience an average price of N537 per litre, with the exception of Illorin, where it will be sold at N515 per litre. Consumers in the Southeast region can expect to pay an average of N520 per litre.

With the exception of Uyo and Yenegoa, where petrol will now be priced at N515 per litre, the rest of the Southsouth zone will receive the product at N511 per litre.

Consumers in Lagos will enjoy the lowest price, as petrol will be sold at N488 per litre. The rest of the Southwest zone will have access to the product at N500 per litre.

NNPC