NNPCL Confirm Price Increase As Fuel Hits N540 Per Litre

NNPCL, the Nigerian National Petroleum Corporation Limited has confirmed an upward review of pump price of petrol.

iexclusivenews reports that Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, confirmed this in a statement on Wednesday afternoon.

“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.”

Nigerians woke to reports of upward review of fuel price from N197 to above N500 per litre.

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, 2023.

“DEAR ALL. Following Management approval of the Upward review of NNPC PMS pump price as in below table for Mega/Standard/Leased Stations, Please find below schedules for the RMSs and Wayne to handle. 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 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.

Apart from Uyo and Yenegoa where petrol will now sell at N515 per litre, the rest of the South South zone will get the product at N511 per litre.

In his inaugural speech, President Bola Tinubu announced that fuel subsidy was gone, and shortly after, fuel queues returned to stations across the country.