Article Summary
- NNPC Limited has adjusted petrol prices in line with market realities.
- The new prices vary by state, with Lagos having the lowest price at N488 per litre compared to Borno and Yobe with the highest price at N557 per litre.
- NNPC Limited cited the government’s outstanding fuel subsidy payments of over $6 billion as a reason for the price adjustment.
The Nigerian National Petroleum Company (NNPC) Limited has just confirmed the change in petrol prices.
A press statement released on Wednesday May 31st, 2023, and signed by the NNPC’s Chief Communications Officer, Garba Deen Mohammed, said in parts:
- “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.
- “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.”
IPMAN confirms new prices set by the NNPC Limited
It should be noted that the NNPC did not categorically state what the new petrol prices are in its statement.
However, Nairametrics reached out to Mike Osatuyi, the National Operations Controller at the Independent Petroleum Marketers Association of Nigeria, who confirmed that the NNPC had suggested new pump prices effective from May 31, 2023.
He shared a template showing new petrol pump prices for all mega, standard, and leased filling stations across all states of the federation. In the template, Lagos petrol consumers are expected to pay the least price at N488 per litre, while those in Borno and Yobe states will pay the highest prices at N557 per litre.
The new prices according to states are as follows:
- Abuja, Nasarawa, Plateau, Kogi, Benue, and Niger will pay N537 per litre
- Kwara, Abia, Imo, Akwa Ibom, and Bayelsa will pay N515 per litre
- Adamawa, Taraba, Bauchi and Gombe will pay N550 per litre
- Borno and Yobe will pay N557 per litre
- Kano, Kaduna, Katsina, Sokoto, Jigawa, and Zamfara will pay N540 per litre
- Those in Kebbi will pay N545 per litre
- Anambra, Enugu, and Ebonyi will pay N520 per litre
- Rivers, Cross River, Edo, andDelta will pay N511 per liter
- Ogun, Oyo, Osun, Ondo, and Ekiti will pay N500 per litre
- Meanwhile, Lagos will pay N488 per litre
What you should know
Bloomberg reported that Mele Kyari, the Group Chief Executive Officer of NNPC Limited, told the press that the Nigerian government owes the company over $6 billion in fuel subsidy payments.
He said the company cannot continue to sustain the payments for fuel subsidy as it is eating deep into its resources.
