The long-awaited price for petrol was effected by NNPC Limited in the morning on Wednesday, May 31, providing clarity around prices post the removal of the controversial subsidy which cost almost $10 billion annually.
This new development is seen in Lagos State where NNPCL now sells fuel at N488 per litre at its station on Kingsway, Ikoyi, while the NNPC Mega Station, Lagos Bus Stop, at Port Harcourt today sells for N511 per litre.
NNPC is the sole supplier of petrol in Nigeria today and it is now expected that other marketers will take a cue from the NNPC prices and adjust their own pump price this morning.
Analysts say since NNPC has effected different pump prices for different cities, this may mean that not only has subsidy gone, but also that the wasteful price equalisation mechanism which ensured petrol had the same official price all over Nigeria was also gone.
It is unclear what foreign exchange rate NNPC has used to arrive at its pump price but it could be around N600 per dollar.
President Bola Tinubu who assumed at Aso Rock on Tuesday, May 29 afternoon, held a long meeting with the CEO of NNPC and CBN governor, Godwin Emefiele, on the vexed matters of fuel subsidy and the multiple foreign exchange rates.
This was after Tinubu had announced in his inauguration speech that subsidy was gone and that the CBN had been mandated to abrogate the multiple exchange rates regime.
