The Nigerian National Petroleum Company (NNPC) Limited has officially unveiled the new pricing range for Premium Motor Spirit (PMS), often known as gasoline or petrol, in a significant move.
The rates have been fixed at ₦488 and ₦555 per litre at the peak, effective immediately, marking the end of the period of gasoline subsidies.
The choice was taken shortly after Asiwaju Bola Ahmed Tinubu, Nigeria’s freshly elected president, announced that gasoline subsidies would end. The termination has had an impact on the nation’s downstream petroleum industry.
This journal had previously covered signs of an impending increase in gas prices. A worrying retail price of more over 500 per litre was revealed in a document that was leaked, which led to industry perplexity and worry.
The management decided to update the NNPC PMS pump pricing table for Mega/Standard/Leased Stations following a meeting of NNPC stakeholders on Wednesday morning. All marketers were then given instructions to change the retail prices of petroleum products in various states.
Contrary to prior expectations that the gasoline price decision would be postponed, the management has already produced a fresh table of retail prices for the country’s major geopolitical zones. Marketers have been instructed to adopt these adjustments as of Wednesday, May 31, 2023.
In a news release, management wrote, “Please implement meter change as approved, effective today, May 31, 2023.” Wayne is to visit all sites in their region of coverage in our network.”
The updated pricing schedule would see the highest fuel rates in Maiduguri and Damaturu, where it will be sold for N557 per litre. The price will be N550 per litre in the rest of the Northeast zone.
Benni Kebbi will have the highest rates in the Northwest zone, at N545 per litre. Except for Illorin, where it will be offered for N515 per litre, the North Central zone is expected to see an average price of N537 per litre.
Southeast consumers may anticipate to spend an average of ₦520 per litre.
With the exception of Uyo and Yenegoa, where petrol will now be priced at ₦515 per litre, the rest of the Southsouth zone will receive the product at ₦511 per litre.
Consumers in Lagos will enjoy the lowest price, as petrol will be sold at ₦488 per litre. The rest of the Southwest zone will have access to the product at ₦500 per litre.