Following the announcement of subsidy removal, by President Tinubu on May 29th, 2023, BrandSpur Nigeria reports that NNPC Limited now sells fuel at N537/Litre.
Just filled my truck tank at an @NNPC_Retail outlet. Thank you Jagbajantis! pic.twitter.com/8AgxqiflFB
— Chuks Akunna (@akunnachux) May 31, 2023
However, in Lagos State, NNPC Limited now sells fuel at N488 per litre at its station on Old Ota Road, Abule-Egba.
As seen at NNPC today, May 31, 2023.#Subsidy pic.twitter.com/OWu4mntNED
— Inside Mainland (@InsideMainland) May 31, 2023
In Port Harcourt, NNPC is selling for N511 per litre.
In Plateau State, the Pump price is now #537/ litre at NNPC stations.
Official NNPC Pump Price For Fuel But Your Salary Remains The Same. This Is The Reason Why We Keep Fighting For A Better Nigeria, But You Keep Saying You’re Not Interested In Whoever Becomes The President. pic.twitter.com/3SWQSw9GDX
— Lawrence I. Okoro ( Sir Law ) (@LawrenceOkoroPG) May 31, 2023
This change by the NNPC Limited is providing clarity around prices after the removal of the controversial fuel subsidy which cost almost $10 billion annually.
NNPC is the sole supplier of petrol in Nigeria today and it is now expected that other marketers will take a queue from the NNPC prices and adjust their own pump price this morning.
Analysts say since NNPC has affected different pump prices for different cities, this may mean that not only has subsidy gone but also that the wasteful price equalization mechanism which ensured petrol had the same official price all over Nigeria was also gone.
It is unclear what FX exchange rate NNPC has used to arrive at its pump price but it could be around N600/$, Leadership reports.
