Nigeria's regulators and operators in the petroleum industry have officially implemented the withdrawal of subsidies, resulting in a 170 percent increase in retail prices to N500 per liter from the previous official rate of N185 per liter.

Yesterday, the new price structure was put into effect following a deadlock in Abuja between the Federal Government, the Nigeria Labour Congress (NLC), and the Trade Union Congress (TUC) during their meeting on the matter. In his inaugural speech on Monday, President Bola Tinubu proclaimed the elimination of subsidies.

According to the document outlining the details of the new pricing system, Borno and Yobe states have the highest petrol price in Nigeria at N557 per liter, while Lagos has the lowest price at N488 per liter.

The document also indicated that petrol prices would be set at N537 per liter in Abuja, Nasarawa, Plateau, Kogi, Benue, and Niger states. In Kwara State, the product would be sold at N515 per liter.

Under the new pricing system, the price of petrol would be N550 per liter in Adamawa, Taraba, Bauchi, and Gombe states. In Kano, Kaduna, Katsina, Sokoto, and Jigawa, it would cost N540 per liter.

Furthermore, the document revealed that the price of the product would be N545, N540, and N515 per liter in Kebbi, Zamfara, and Abia respectively.

Depots would be selling at N470 per liter.

Verification conducted at the depots indicated that depot owners, who had previously halted operations due to uncertainties, resumed their activities yesterday. They resumed selling the product at a price of N470 per liter.

The document revealed that approximately N300 per liter would be allocated as charges and margins to stakeholders involved in the value chain, such as transporters and oil marketers.

In a statement issued by Garba Deen Muhammad, the Chief Corporate Communications Officer of NNPC Limited, it was announced that pump prices at NNPC's retail stations have been revised.

The statement stated: "NNPC Limited would like to inform our valued customers that we have made adjustments to the pump price of PMS (Premium Motor Spirit) at our retail outlets, in accordance with the prevailing market conditions.

"As we remain committed to delivering the high-quality service we are recognized for, it is important to note that prices will continue to vary in response to market dynamics."