NB247

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.

This is in spite of speculations that the fuel price increase announced by President Bola Tinubu on Monday will take time to be worked out.

The instruction from the NNPC which reached marketers early on Wednesday, 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 effected 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,” the statement from NNPC noted.

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.It also indicated that 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.

Read NNPC statement below:

PRESS STATEMENT

ADJUSTMENT IN PUMP PRICE OF PMS

NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities.

As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products.

The company sincerely regrets any inconvenience this development may have caused. We greatly appreciate your continued patronage, support, and understanding during this time of change and growth.

Garba Deen Muhammad

Chief Corporate Communications Officer

NNPC Ltd.

Abuja31.05.23

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