Despite speculations that the fuel price increase announced by President Bola Tinubu on Monday will take time to be worked out, the Nigerian National Petroleum Company (NNPC) Limited has on Wednesday morning instructed all marketers to adjust retail prices for the premium motor spirit to a range between N488 to N555 per litre.
The instruction which hit marketers early today cited management approval of the upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations.
The new table of retail prices for different geopolitical zones of the country to be effected by retail managers was instructed to take immediate effect beginning from May 31, 2023.
“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.
Birnin 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.
More Updates will follow soon.
