By In a shocking move, the Nigerian National Petroleum Company (NNPC) Limited has officially announced the full deregulation of the downstream sector of the Nigerian Petroleum Industry. As a result, petrol prices will now be determined by the market, following the removal of subsidy by President Bola Tinubu.
The confirmation was made by the NNPC’s Chief Corporate Communications Officer, Garba Deen Muhammad, in a statement released on Wednesday, May 31, 2023.
The statement revealed that the pump price of petrol at NNPC retail stations has been adjusted to reflect the current market realities. It acknowledged that prices will continue to fluctuate in response to market dynamics. The NNPC emphasized its commitment to ensuring a constant supply of products and expressed regret for any inconvenience caused by this development.
“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth,” the statement concluded.
Simultaneously, retail managers were directed to implement a new table of retail prices across different geopolitical zones of the country, effective from May 31, 2023. According to the new price schedule, petrol will be sold at the highest rate of N557 per litre in Maiduguri and Damaturu, while the rest of the Northeast zone will see prices set at N550 per litre.
