Premium Motor Spirit (PMS), also known as gasoline or fuel, has a fixed price set by the Nigerian National Petroleum Company (NNPC) Limited of between N488 and N555 per litre at the peak.
A few hours earlier, Asiwaju Bola Ahmed Tinubu, the country’s new president, had declared an end to the elimination of fuel subsidies in Nigeria.
The management of the NNPC approved an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations, instructing all marketers to adjust retail prices for the petroleum product across states, according to The Genius Media Nigeria, which reports that NNPC stakeholders met on Wednesday morning.
However, up until this point, the management had instructed marketers to make the changes right away, starting on Wednesday, May 31, 2023, on the assumption that the fuel price would be determined at a later time and according to a new table of retail prices for the country’s various geopolitical zones.
The management sent the newsmen a statement that read, “Please implement the meter modification as approved, effective today, May 31, 2023. Wayne is responsible for attending to any place in our network that is related to their area of coverage.
The revised price schedule states that the price per liter of gasoline will be N557 in Maiduguri and Damaturu and N550 elsewhere in the Northeast zone.
Birnin Kebbi will purchase gasoline for N545 in order to set pricing in the Northwest region. Except in Illorin, where it will retail for N515 per litre, the average price in the North Central zone will be N537 per litre. Southeast consumers will pay, on average, N520 per liter.
The rest of the Southsouth zone will purchase gasoline for N511 per litre, with the exception of Uyo and Yenegoa, where it will now cost N515 per litre.
Lagos residents would pay N488 per litre for the goods, while the rest of the Southwest zone will pay N500 per litre.