The statement emphasised that prices will continue to fluctuate to reflect market dynamics, while ensuring a consistent supply of products. The NNPC expressed regret for any inconvenience caused and appreciated the continued support and understanding of customers during this period of change and growth.
Reports of the fuel price increase, with prices soaring from N197 to above N500 per litre, caused concern among Nigerians. A widely circulated list indicated that new retail prices had been adopted for different geopolitical zones in the country. Retail managers of NNPC outlets were instructed to implement the review starting from May 31, 2023.
The implementation of the new price schedule prompted reactions from various regions. In Maiduguri, Borno State, and Damaturu, Yobe, petrol is set to sell at N557 per litre. The rest of the North East zone will see prices at N550 per litre. Birnin Kebbi will have the highest prices in the Northwest zone, at N545 per litre. In the North Central zone, the average price will be N537 per litre, except in Ilorin, where it will be N515 per litre. Consumers in the South East will face an average price of N520 per litre.
In the South South zone, except for Uyo and Yenegoa where petrol will sell at N515 per litre, the rest of the region will see prices at N511 per litre. It is important to note that these price adjustments come in the wake of President Bola Tinubu's announcement that fuel subsidy has been removed. Subsequently, fuel queues reappeared at filling stations across the country.
The fuel price increase has elicited mixed reactions from Nigerians. Some express concerns over the burden it will place on their already stretched finances, while others raise questions about the transparency and impact of the subsidy removal. As the new prices take effect, many will closely monitor the market dynamics and their implications for the economy and daily lives of Nigerians.