The Nigerian National Petroleum Company (NNPC) Limited has set the price of Premium Motor Spirit (PMS), also referred to as fuel or Petrol, at between N488 and N555 per litre at its highest point.
This is coming hours after President Bola Tinubu announced an end to the removal of fuel subsidy in Nigeria.
On Wednesday morning, NNPC participants convened. According to a decision made by the management at the meeting, the NNPC PMS pump price table for Mega/Standard/Leased Stations will be revised upward. This decision directs all marketers to alter retail prices for petroleum products across states.
Before now, there had been speculations that the fuel price will be determined at a latter time. However, the new table of retail prices for different geopolitical zones of the country has been reeled out by the management instructing marketers to effect the changes with immediate effect beginning from Wednesday, 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,” a statement of the management obtained by Vanguard reads.