The Premium Motor Spirit (PMS), also known as fuel or petrol, has a peak price set by the Nigerian National Petroleum Company (NNPC) Limited at between N488 and N555 per litre.
After President Bola Tinubu proclaimed that fuel subsidies in Nigeria will no longer stand, this happened shortly after.
According to bendelnews, stakeholders in the NNPC met on Wednesday morning. The management of NNPC passed a resolution during the meeting ordering all marketers to raise retail pricing for the petroleum product in all states and revise the pump price table for mega/standard/leased stations.
There have already been rumours that the price of petrol will be decided later. However, the administration has released a revised list of retail pricing for the various regions of the nation, urging marketers to make the modifications with immediate effect starting on Wednesday, May 31, 2023.
"Please put into effect the approved metre adjustment as of today, May 31, 2023. According to a management statement Vanguard was able to collect, Wayne is to attend to all sites in relation to their region of coverage in our network.
The revised price schedule states that the price per litre of fuel will be N557 in Maiduguri and Damaturu and N550 elsewhere in the Northeast zone.
To set pricing in the Northwest region, Birnin Kebbi will purchase petrol at N545. Except for Illorin, where it will retail for N515 per litre, the North Central zone's average price will be N537 per litre. The average price per litre for consumers in the Southeast is N520.
The price of petrol will remain at N511 per litre throughout the Southsouth zone, with the exception of Uyo and Yenegoa, where it will now sell for N515.
Lagos customers can purchase the goods for N488 per litre, while the remainder of the Southwest zone must pay N500 per litre.