NNPC Effects New Petrol Pump Prices

The NNPC effects New Petrol Pump Prices on Wednesday. The NNPC has also provided clarity about the prices of the removal of the subsidy which costs the Government about $10bn annually.

The new developments is seen in Lagos where fuel is sold at ₦488 per litre while fuel sells for 537 in Abuja.

The NNPC has also released the price list for all other states in the country. The NNPC remains the sole distributor of Premium Motor Spirit in Nigeria. Therefore, it is expected that other marketers take a cue from the NNPC prices and adjust their own pump price.

It is notably obvious from the difference in pump prices that as subsidy is gone, there is no longer price equalisation all over Nigeria.

It is also not clear which FX exchange rate was used to arrive at the pump price by the NNPC. However, the President, President Bola Tinubu held a long meeting with the CEO of NNPC and the CBN on the matters regarding fuel subsidy and the multiple exchange rates.

This comes after President Bola Tinubu announces in his inauguration speech that subsidy was gone.

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