The Nigerian National Petroleum Company (NNPC) Limited has fixed the price of Premium Motor Spirit (PMS), popularly known as fuel or petrol, at N488 and N555 per litre at the peak.

This development came hours after the new President, Asiwaju Bola Ahmed Tinubu announced an end to the removal of fuel subsidy in Nigeria.

New Telegraph reports that NNPC stakeholders had a meeting on Wednesday morning and a resolution by the management approved an upward review of the NNPC PMS pump price table for Mega/Standard/Leased Stations, instructing all marketers to adjust retail prices for the petroleum product across states.

However, before now, the supposition that the fuel price would be determined at a later time and 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 immediately beginning from Wednesday, May 31, 2023.

According to a statement obtained from the management to the newsmen, “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.”

According to the new price schedule, petrol will sell highest in Maiduguri and Damaturu at N557 per litre and N550 per litre in the rest of the Northeast zone.

Birnin Kebbi will buy petrol at N545 to lead prices in the Northwest zone. The average price in the North Central zone will be N537 per litre, except in Illorin, where it will sell for N515 per litre. Consumers in the Southeast will buy at an average of N520 per litre.

Apart from Uyo and Yenegoa, where petrol will now sell at N515 per litre, the rest of the Southsouth zone will get the product at N511 per litre.

Consumers in Lagos will buy the product at N488 per litre, while the rest of the Southwest zone will get the product at N500 per litre.