Nigerian National Petroleum Corporation Limited (NNPCL) has confirmed an upward review of the pump price of petrol across the country.
This is in spite of threats from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
The Chief Corporate Communications Officer, NNPC Ltd, Garba Deen Muhammad, who confirmed the development in a statement on Wednesday afternoon, said; “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.”
Interestingly, reports of the upward review in the fuel pump price from N197 to above N500 per litre emerged early on Wednesday morning in a widely circulated document detailing a new table of retail prices to be adopted for different geopolitical zones of the country.
Accordingly, retail managers of NNPCL outlets were instructed to implement the review from May 31, 2023.
“DEAR ALL, Following Management’s approval of the Upward review of NNPC PMS pump price as in the table below for Mega/Standard/Leased Stations, Please find below schedules for the RMSs and Wayne to handle. Please implement the metre 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 read.
According to the new price schedule, petrol will sell at N557 per litre in Maiduguri, Borno State, and Damaturu, Yobe, while it will sell for N550 per litre in the rest of the North East zone.
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 South East will buy at an average of N520 per litre.
Besides Uyo, the Akwa Ibom State capital and Yenegoa, the Bayelsa capital where petrol will now sell at N515 per litre, other states in the South-South region will get the product at N511 per litre.
President Bola Tinubu had in his maiden speech declared that the fuel subsidy was gone for good, an announcement that immediately triggered the emergence of queues at petrol stations across the country.
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