NNPC Hikes Fuel Price to N537 Per Litre Amid Subsidy Removal

Nigerians will have to pay more for petrol as the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump prices of the product from N195 to N537 per litre.

The new price template, which was released by NNPLC on Wednesday, shows that Lagos State has the lowest price of N488 per litre, while Maiduguri and Damaturu have the highest prices of N577 per litre.

The price adjustment came after a meeting of NNPC stakeholders on Wednesday morning, where they agreed to revise the NNPC PMS pump price table for Mega/Standard/Leased Stations and instructed all marketers to adjust the retail prices of petroleum products across different states.

The NNPC had earlier said that the fuel price would be determined at a later date, but it has now issued a new table of retail prices for various geopolitical zones in the country, directing marketers to implement the changes immediately from Wednesday, May 31, 2023.

In an official statement by its Chief Corporate Communications Officer, Garba Deen Muhammad, the NNPC said that it has adjusted its pump prices of PMS across its 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 important to note that prices will continue to fluctuate to reflect market dynamics. We assure you that NNPC Limited is committed to ensuring a continuous 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,” the statement read.

According to the revised price schedule, the highest petrol prices will be seen in Maiduguri and Damaturu, where it will be sold at N557 per litre. In the rest of the Northeast zone, the price will be N550 per litre.

Benni Kebbi will witness the highest prices in the Northwest zone, purchasing petrol at N545 per litre. The North Central zone will experience an average price of N537 per litre, with the exception of Illorin, where it will be sold at N515 per litre. Consumers in the Southeast region can expect to pay an average of N520 per litre.

With the exception of Uyo and Yenegoa, where petrol will now be priced at N515 per litre, the rest of the Southsouth zone will receive the product at N511 per litre.

Consumers in Lagos will enjoy the lowest price, as petrol will be sold at N488 per litre. The rest of the Southwest zone will have access to the product at N500 per litre.

Newsflash Nigeria reported on Wednesday that most filling stations in Abuja have adjusted to the new pump price. Similarly, pump prices have been adjusted across States. For instance, in Benue State, the fuel price has been adjusted to N537 per litre.

The price adjustment represents an over 200 per cent increase. The implication is that nearly all prices of goods and services would drastically increase.

The development is coming barely two days after President Bola Ahmed Tinubu’s inaugural speech, where he said fuel subsidy would be removed.

In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone. The country will save close to N6.7 trillion if fuel subsidies payment is discontinued.

Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.

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