The removal of petrol subsidy and the hike in pump price have led to a spike in transport fares and food prices across Nigeria.
The Nigerian National Petroleum Corporation Limited (NNPCL) yesterday confirmed an upward review of pump price of petrol from N197 to as high as N557 in some states.
The Chief Corporate Communications Officer of the NNPC Ltd, Garba Deen Muhammad, said the price adjustment was in line with “market realities”, noting that the firm had directed its outlets nationwide to sell fuel between N480 and N570 per litre.
“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,” he had said in a statement.
According to a widely circulated list, a new table of retail prices had been adopted for different geopolitical zones of the country.
Retail managers of NNPCL outlets were instructed to implement the review from May 31 despite the claim of the provisions of N3.36trn to cover fuel subsidy payment for the first six months of 2023 by the previous administration.
According to the new price schedule, petrol will sell for N557 per litre in Maiduguri, Borno State, and Damaturu, Yobe, while it will sell for N550 per litre in the other states of the North East.
Birnin Kebbi will buy petrol at N545 to lead prices in the North West. The average price in the North Central zone will be N537 per litre, except in Ilorin, where it will sell for N515 per litre. Consumers in the South East will buy at an average of N520 per litre.
Apart from Uyo, Akwa Ibom and Yenagoa, Bayelsa where petrol will now sell for N515 per litre, the rest of the South South will get the product at N511 per litre.
A litre will sell for N500 in the South West, except in Lagos State for N488.
Petrol stations, including those of the NNPCL, across the country, have already adjusted their pump prices accordingly.
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