The Nigerian National Petroleum Company (NNPC) Limited has pegged the price of Premium Motor Spirit (PMS) popularly known as fuel or petrol at N488 and N555 per litre at the peak.
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This was after Tinubu had announced in his inauguration speech that subsidy was gone and that the CBN had been mandated to abrogate the multiple exchange rates regime.
It was gathered that NNPC stakeholders met on Wednesday morning.
A resolution of the meeting by the management approved an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations instructing all marketers to adjust retail prices for the petroleum product across states.
Before now, there had been speculations that the fuel price will be determined at a latter time. However, the new table of retail prices for different geopolitical zones of the country has been reeled out by the management instructing marketers to effect the changes with immediate effect beginning from Wednesday, May 31, 2023.
“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 of the management obtained by Vanguard reads.
According to the new price schedule, petrol will sell highest in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northeast zone.
It is unclear what FX exchange rate NNPC has used to arrive at its pump price but it could be around N600/$.
President Bola Tinubu who resumed at Aso Rock on Tuesday afternoon held a long meeting with the CEO of NNPC and CBN governor Godwin Emefiele on the vexed matters of fuel subsidy and the multiple foreign exchange rates.
(C)ControlTV2023.
