JUST IN: NNPC lifts petrol prices to N555 per litre

The Nigerian National Petroleum Company (NNPC) Limited has given all marketers instructions to adjust retail prices for premium motor spirit to a range of N488 to N555 per liter as of Wednesday morning, May 31, 2023, despite speculations that the President Bola Tinubu-announced fuel price increase will take some time to implement.

The instruction, which was issued to marketers early this morning, cited management approval of the upward review of the NNPC PMS pump price table for Mega, Standard, and Leased Stations.

The new table of retail prices for various geopolitical zones of the country to be implemented by retail managers is to go into effect immediately as of May 31, 2023.

"Please implement the meter change as approved as of today, May 31, 2023." Wayne is responsible for attending to all locations in our network based on their respective coverage areas."

According to the new price schedule, petrol will cost N557 per liter in Maidugri and Damaturu and N550 per liter throughout the remainder of the Northeast zone.

Birnin Kebbi will purchase petrol at N545 to set the price standard for the Northwest zone. The average price per liter in the North Central region will be N537, except in Illorin, where it will cost N515. Southeast consumers will pay an average of N520 per liter.

Outside of Uyo and Yenegoa, where petrol will now cost N515 per liter, the remainder of the south-south zone will receive the product for N511.

Lagos consumers will pay N488 per liter for the product, while the remainder of the Southwest zone will pay N500 per liter.