The Nigerian National Petroleum Company (NNPC) Limited has officially released the new Premium Motor Spirit (PMS) price range, also known as gasoline or petrol.
According to sources, the top prices have been set at N488 and N555 per litre, officially signaling the end of the fuel subsidy era.
This move comes shortly after Nigeria’s newly elected President, Asiwaju Bola Ahmed Tinubu, declared the end of gasoline subsidies.
Previously, this publication reported on rising signs of an impending increase in petrol prices, with a leaked document suggesting a worrying retail price of more than N500 per litre.
This discovery had caused consternation in Nigeria’s downstream petroleum industry.
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Lagos residents will pay the lowest price, as fuel will be marketed at N488 per litre. The product will be available to the rest of the Southwest zone for N500 per litre.