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The Nigeria National Petroleum Company (NPPC) Limited adjusted its petrol prices across three major Nigerian cities on Wednesday, May 31, 2023, to reflect the new reality of petrol subsidy removal.
The adjustment provides clarity after removing the controversial subsidy regime that gulps almost $10 billion annually.
According to reporting by BusinessDay, the new development is noticeable in Lagos, where the NNPC’s retail outlets sell a litre of petrol for N488. In contrast, it sells a litre of petrol for N511 in Port Harcourt, the Rivers State capital.
The company is the sole supplier of petrol in Nigeria, and it is now expected that other marketers will follow suit to adjust their prices similarly. Energy policy analysts say NNPC has rolled out different pump prices for other cities, meaning that not only has subsidy gone but also that uniform petrol prices have also disappeared alongside subsidy.
It is yet to be determined what foreign exchange rate the NNPC used to arrive at the new pump price, but it is believed to be around N600 per dollar. President Bola Tinubu met with the CEO of NNPC, Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on the issues of fuel subsidy and multiple exchange rates.
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