Nigerian National Petroleum Company Ends Fuel Subsidy, Introduces New Petrol Prices

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In a significant development, the Nigerian National Petroleum Company (NNPC) Limited has officially announced the end of fuel subsidy in Nigeria, leading to the introduction of new petrol prices. Effective immediately, the prices have been set at ₦488 and ₦555 per litre, marking a significant shift in the country’s petroleum industry.

The decision to terminate fuel subsidy comes shortly after the newly elected President, Asiwaju Bola Ahmed Tinubu, made the declaration. This move has caused ripples in the downstream sector of Nigeria’s petroleum industry, creating both confusion and concern among industry stakeholders.

A leaked document had previously revealed a retail price of over ₦500 per litre, adding to the uncertainty surrounding the future of fuel pricing. However, during a meeting held by NNPC stakeholders on Wednesday morning, it was agreed upon and approved by the management to revise the NNPC PMS pump price table for Mega/Standard/Leased Stations. As a result, all marketers were instructed to adjust the retail prices of petroleum products across different states.

Contrary to earlier assumptions that the fuel price determination would be delayed, the management has now released a new table of retail prices for various geopolitical zones in the country. The changes are set to be implemented immediately from Wednesday, May 31, 2023.

Under the revised price schedule, the highest petrol prices will be observed in Maiduguri and Damaturu, where it will be sold at ₦557 per litre. The rest of the Northeast zone will experience a price of ₦550 per litre.

In the Northwest zone, Benni Kebbi will witness the highest prices at ₦545 per litre. The North Central zone is set to experience an average price of ₦537 per litre, except for Ilorin, where it will be sold at ₦515 per litre. Consumers in the Southeast region can expect to pay an average of ₦520 per litre.

With the exception of Uyo and Yenagoa, where petrol will now be priced at ₦515 per litre, the rest of the Southsouth zone will receive the product at ₦511 per litre.

Consumers in Lagos will enjoy the lowest price, as petrol will be sold at ₦488 per liter. The rest of the Southwest zone will have access to the product at ₦500 per litre.

This decision by NNPC to end fuel subsidy and introduce new petrol prices marks a significant change in the fuel pricing landscape in Nigeria, with potential implications for consumers and the petroleum industry as a whole.

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