The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, to N1,030 per litre at its retail outlets in Abuja.
The price hike on Wednesday, follows the termination of NNPC’s exclusive purchase agreement with Dangote Refinery, allowing other marketers to directly purchase petrol from the refinery.
In Lagos, NNPC retail outlets sold petrol at N998 per litre, up from N855 per litre set in September.
Private filling stations have also adjusted their prices, with some selling at N1,003 per litre.
An NNPC retail station in Abuja’s Wuse Zone 4 sold petrol at N1,003 per litre.
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The development comes weeks after NNPC commenced petrol lifting at Dangote Petroleum Refinery’s gantry, aligning with the current practices of fully deregulated products.
The increase has raised concerns among Nigerians, who may face increased transportation costs and higher prices for goods and services.
However, the NNPC Ltd is yet to respond or issue a statement on the price increase.
As at the time of this report NNPC spokesperson OluFemi Soneye had not responded to calls or messages seeking clarification on the price hike.
(Editor: Anoyoyo Ogiagboviogie)
