NNPC Officially Increases Fuel Price(Check Fuel Prices For Each States Here)
-May 31, 2023
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 affected 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,”
NNPC Officially Increases Fuel Price(Check Fuel Prices For Each States Here)
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.
Checks also showed a similar trend in Lagos State where NNPCL now retails fuel at N488 per litre at its station on
Old Ota Road, Abule-Egba, Lagos while the NNPC Mega Station, Lagos Bus Stop, at Port Harcourt on Wednesday sells for N511 per litre.
In Plateau State, the Pump price is now #537/ litre at NNPC stations.
This change by the national oil company is providing clarity around prices after the removal of the controversial fuel subsidy which cost almost $10 billion annually.
NNPC is the sole supplier of petrol in Nigeria today and it is now expected that other marketers will take a queue from the NNPC prices and adjust their own pump price this morning.
Analysts say since NNPC has affected different pump prices for different cities, this may mean that not only has subsidy gone but also that the wasteful price equalization mechanism which ensured petrol had the same official price all over Nigeria was also gone.
It is unclear what FX exchange rate NNPC has used to arrive at its pump price but it could be around N600/$