The Nigerian National Petroleum Company (NNPC) Limited has ordered all marketers to adjust retail prices for the premium motor spirit to a range between N488 and N555 per liter on Wednesday morning, contrary to rumors that the fuel price increase announced by President Bola Tinubu on Monday will take time to be worked out.
Early this morning, marketers received instructions citing management clearance of an increase to the NNPC PMS pump price table for Mega/Standard/Leased Stations.
Retail managers were advised to immediately begin applying the new table of retail pricing for the various geographical regions of the nation on May 31, 2023.
“Please implement meter change as approved effective today 31st May 2023. Wayne is to attend to all locations as it relates to their area of coverage in our network.”
According to the new price schedule, petrol will sell highest in Maidugiri and Damaturu at N557 per liter, and N550 per liter in the rest of the Northeast zone.
Birnin Kebbi will buy petrol at N545 to lead prices in Northwest zone. Average price in the North Central zone will be N537 per liter except in Illorin where it will sell for N515 per liter. Consumers in the Southeast will buy at an average of N520 per liter.
Apart from Uyo and Yenegoa where petrol will now sell at N515 per liter, the rest of the Southsouth zone will get the product at N511 per liter.
Consumers in Lagos will buy the product at N488 per liter while the rest of the Southwest zone will get the product at N500 per liter.