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NNPC ends fuel subsidy |
BREAKING NEWS _ NNPC ends fuel subsidy, introduces new nationwide fuel price.
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The Nigerian National Petroleum Company (NNPC) Limited has made an official announcement regarding the revised price range for Premium Motor Spirit (PMS), popularly known as fuel or petrol. As per the recent reports by POLITICS NIGERIA, the prices have been set at N488 and N555 per litre at the highest point, signifying the conclusion of the fuel subsidy era.This development comes shortly after the newly inaugurated President, Asiwaju Bola Ahmed Tinubu, declared the discontinuation of fuel subsidy in Nigeria.
In a recent report, our newspaper drew attention to the growing signs of an imminent surge in petrol prices. A leaked document revealed a troubling retail price of over N500 per litre, causing confusion in Nigeria's downstream sector of the petroleum industry.
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NNPC ends fuel subsidy |
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According to information obtained by this newspaper, a meeting of NNPC stakeholders took place on Wednesday morning, during which it was agreed upon and approved by the management to revise the NNPC PMS pump price table for Mega/Standard/Leased Stations. Consequently, all marketers were instructed to adjust the retail prices of petroleum products across different states.Initially, it was anticipated that the fuel price would be determined at a later date. However, the management has now introduced a new table of retail prices for various geopolitical zones in the country, directing marketers to implement the changes immediately starting from Wednesday, May 31, 2023.
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NNPC ends fuel subsidy |
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In an official statement to the press, the management declared, "Please implement meter change as approved, effective today, May 31, 2023. Wayne is to attend to all locations as relates to their area of coverage in our network."As per the revised price schedule, the highest petrol prices will be observed 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 experience the highest prices in the Northwest zone, with petrol being purchased at N545 per litre. The North Central zone is expected to see an average price of N537 per litre, except for Illorin, where it will be sold at N515 per litre. Consumers in the Southeast region can anticipate an average price 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.
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NNPC ends fuel subsidy |
Consumers in Lagos will benefit from 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.
