Officially, Cheapest Fuel Is N488 Per Liter – NNPCL

By Akinwale Kasali

There is palpable tension all across the country following the announcement of a New Fuel Price of N488-N555 Per Liter at its highest point by the Nigerian National Petroleum Company Limited, NNPCL.

The increase in the commodity is coming less than 48 hours after President Bola Tinubu announced the removal of subsidy.

There are long queues at Filing Stations across the country following the hike in price and hoarding of the commodity by the Independent marketers of the commodity.

Though, some State Governors have read riots act against Filing Stations selling at unauthorized price and hoarding the commodity, but the NNPCL during a Management meeting took the decision to peg the price of the commodity at N488-N555.

It was agreed upon at the meeting that the NNPC PMS pump price table for Mega/Standard/Leased Stations will be revised upward.

The decision directs all marketers to alter 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,”