The Nigerian National Petroleum Company Limited (NNPCL) has once again increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,030 per litre. This price surge was recorded at NNPCL outlets in Abuja on Wednesday.
This development follows NNPCL’s decision to end its exclusive purchase agreement with Dangote Refinery,
The NNPC has refused to officially speak on the matter despite repeated requests by this newspaper. A Dangote refinery spokesperson also refused to comment on the matter. It is also not clear if NNPC is still importing petrol to augment the one produced by the Dangote refinery.
However, an official of the NNPC who spoke to this newspaper Wednesday morning said “bulk is close to N1000 based on cost from Dangote (Refinery) being circulated at N953.”
The source noted that the product will now sell for N998 per litre at the NNPC stations in Lagos and N1,025 in other South-West states. In Abuja, prices range between N1,030 to N1,065.
In Nigeria’s North-east, the petrol prices at the NNPC retail station will range between N1,060 and N1,070 while in the South-south prices are expected to move between N1,055 and N1,075 per litre for the product.
.With the termination of the deal, NNPCL is no longer the sole buyer of refined products from the refinery, allowing independent marketers to negotiate fuel prices directly with Dangote Refinery.