New prices for Premium Motor Spirit (PMS), known as fuel or petrol, have been announced by the Nigerian National Petroleum Company (NNPC) Limited. The product now sells at between N488 and N555 per litre.
The company in an announcement said the prices are effective from today 31st May 2023 and will be effective in all locations as they relate to their area of coverage in the country for its mega/standard /leased stations. It instructed all marketers to adjust their retail prices for the product accordingly across states of the federation.
The new price schedule shows that the product will sell highest in the Northeast zone with it fixed at N557 per litre in Maiduguri, Borno and N550 per litre in Damaturu, Yobe as well as the rest of the zone.
In the Northwest zone, the product sells at N545 per litre in Benni Kebbi, Kebbi as the lead price while 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 while in the South South zone the product will sell at N515 per litre except in Uyo and Yenegoa.
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.
The new prices are believed to be the fallout of an emergency Management meeting of the NNPC on Wednesday following the announcement by President Bola Ahmed Tinubu in his inaugural speech on Monday that petroleum subsidy will be removed by his Administration.
President Tinubu on his first day of resumption in the office on Tuesday met with Mr Abba Kyele, the CEO of NNPC and Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, believed to be centred on the contentious matters of petrol subsidy and multiple foreign exchange rates.