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Breaking: Subsidy gone: NNPC announces new pump price, now sells at N488, N555 per litre

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The Nigerian National Petroleum Company Ltd (NNPCL) has released new price regime for the Premium Motor Spirit (PMS) also known as petrol for its outlets across the country.

The stations now sell at between N488 and N555 per litre at its highest point.

Persecondnews reports that this development came hours after President Bola Tinubu announced the scrapping of petrol subsidy at his inauguration on May 29 and after the Group Chief Executive Officer of NNPCL, Mele Kyari, had a closed-door meeting with Tinubu on Tuesday at the Presidential Villa.

On Wednesday morning, NNPC management had convened a meeting.

Fall-out of the management meeting is that the NNPC PMS pump price table for Mega/Standard/Leased Stations will be revised upward.

It directed all NNPCL marketers to alter retail prices for petroleum product across states.

Hitherto, there had been speculations that petrol price will be determined at a later date possibly after June when the subsidy would end.

Persecondnews has obtained the new table of retail prices for different geopolitical zones of the country released 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,” a statement by the management said.

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