The Nigerian National Petroleum Company, NNPC Ltd on Wednesday disregarded the presidential directive to suspend subsidy removal until a later date.

The NNPCL, on Wednesday announced the commencement on the policy by adjusting pump price from between N488 and N555.

Against the pronouncement of President Bola Tinubu on Monday that led to immediate scarcity of the product and nationwide chaos, the The Asiwaju Bola Tinubu Media Centre on Tuesday assured that the policy will not start immediately.

The Centre, in a statement, urged the public to refrain from the panic-buying that ensued as a result of the president’s pronouncement.

But despite the assurance, the Nigerian National Petroleum Company (NNPC) Limited, on Wednesday morning, instructed all marketers to adjust retail prices for the premium motor spirit to a range between N488 to N555 per litre.

The instruction, which hit marketers early today, cited management approval of the upward review of NNPC PMS pump price table for Mega/Standard/Leased Stations.

The new table of retail prices for different geopolitical zones of the country to be effected by retail managers was instructed to take immediate effect beginning from May 31, 2023.

According to the new price schedule, petrol will sell highest in Maiduguri, Borno State, and Damaturu, Yobe State, at N557 per litre, and N550 per litre in the rest of the Northeast zone.

Residents of Birnin Kebbi will buy petrol at N545 to lead prices in Northwest zone. Average price in the North Central zone will be N537 per liter except in Illorin where it will sell for N515 per liter.

Consumers in the Southeast will buy at an average of N520 per liter.

Apart from Uyo, Akwa Ibom State, and Yenegoa, Bayelsa State, where petrol will now sell at N515 per litre, the rest of the South-south zone will get the product at N511 per litre.

Consumers in Lagos will buy the product at N488 per litre while the rest of the Southwest zone will get the product at N500 per litre.

Petrol stations across the country have already adjusted their pump prices accordingly.

The NNPC filling station on Awolowo Road, Ikoyi Lagos has adjusted its pump price to reflect the new reality.

At the NNPC mega filling station, Lagos bus-stop in Port Harcourt, Rivers State, the price of PMS has been adjusted to N511.

But motorists are not driving in to buy the product.

There is apprehension in town that with subsidy removal and full deregulation of the downstream sector, independent marketers may sell the product much higher than the NNPC.