The Nigerian National Petroleum Company (NNPC) Limited has taken swift action in response to President Asiwaju Bola Ahmed Tinubu’s declaration of the end of fuel subsidy in Nigeria. In a meeting held on Wednesday morning, NNPC stakeholders reached a decision to fix the price of Premium Motor Spirit (PMS), commonly known as fuel or petrol, at N488 and N555 per litre at the peak.
This resolution by the NNPC management entails an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations, prompting all fuel marketers to adjust their retail prices accordingly across states.
Previously, there had been speculation about the timing of the fuel price determination. However, the NNPC management has now unveiled a new table of retail prices for different geopolitical zones of the country. Marketers have been instructed to implement these changes immediately, with the new prices taking effect from Wednesday, May 31, 2023.
Read Also: Everything You Need to Know About The New Petrol Prices
Read the official statement below.
PRESS STATEMENT
ADJUSTMENT IN PUMP PRICE OF PMS
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.
Garba Deen Muhammad
Chief Corporate Communications Officer
NNPC Ltd.
Abuja
31.05.23
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