UPDATED: Petrol price now N557 per litre, as NNPC mega stations adjust metres

Oredola Adeola

The Nigerian National Petroleum Company Limited (NNPCL) has initiated a pump price increase of Premium Motor Spirit (PMS) from its filling stations (Mega/Standard/Leased Stations) across the country reflecting the removal of petrol subsidy and product at a market reflective price.

EnergyDay correspondents who monitored the situation in Lagos, Ogun and other part of the country on Monday gathered the all the mega stations of the NNPCL have adjusted their meters to reflect between N557 to N488 per litre depending on the state.

Garba Deen Muhammad, Chief Corporate Communication Officer, NNPC Ltd, in a statement obtained by EnergyDay confirming the new price template said that the national company has adjusted the pump price of PMS across its retail outlets, in line with the current market realities.

He said. “As we strive to provide you the quality services we are known for, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.

The NNPCL’s spoke person further hinted that the national oil company is committed to ensuring ceaseless supply of products, expressing regrets on the inconvenience that the development might have caused.

EnergyDay further gathered that the NNPCL in the new price template became effective from Wednesday, May, 31, 2023, in compliance with the provision of the Petroleum Industry Act(PIA) which automatically deregulated the downstream sector and end the controversial subsidy regime.

The analysis of the new template showed that the new price in FCT(Abuja) increased from N194/l to N537/l, Nasarawa N189/l to N537/l, Plateau from N189/l to N537/l, Kwara from N189/l to N515/l, and Kogi from N189/l to N537/l.

The prices in increased in Benue from N189/l to N537/l, Niger N189/l to N537/l, Adamawa from N199 to N550/l, Taraba from N199 to N550/l, Taraba N199/l to N550/l, Bauchi from N199/l to N550/l, Gombe from N199/l to N550/l, Borno from N199/l to N557/l, Yobe from N199/l to N557/l, Kano from N194/l to N540/l, and Kaduna from N194/l, to N540/l.

Others are Katsina from N194/l to N540/l, Sokoto N194/l to N540/l, Jigawa from N194/l to N540/l, Kebbi from N194/l to N545/l, Zamfara from N194/l to N540/l, Abia from N189/l to N515/l, Imo from N189/l to N515, Anambra from N189/l to N520.

Enugu from N189/l to N520/l, Ebonyi from N189/l to N520/l, Rivers from N189/l to N511/l, Akwa Ibom N194/l to N515/l, Akwa Ibom from N194/l to N515/l, Bayelsa N189/l to N515/l, Cross Rivers from N194/l to N511/l, Edo from N189/l to N511/l, and Delta from N189/l to N511/l.

The pump prices for other states are Lagos from N184/l to N488, Ogun from N189 to N500, Oyo from N189/l to N500/l, Osun from N189/l to N500/l, Ondo from N189/l to N500/l, and Ekiti from N189/l to N500/l.

This new price template is coming on the sideline of the inaugural statement made by President Bola Tinubu emphasising that petrol subsidy was not reflected in the 2023 budget, hence “It is GONE!”