The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS), otherwise known as petrol, from N897 to N1,030 per litre at its outlets in Abuja, the nation’s capital.
It was gathered that the NNPCL increased the pump price of petrol at its outlets on Wednesday, October 9, 2024.
The latest price increase makes it the second time the petrol price has been hiked in the past month.
The NNPCL had in September increased petrol price from N615 per litre to N897.
The latest development followed the company’s decision to terminate its exclusive purchase agreement with the Dangote refinery, marking a significant shift in Nigeria’s fuel market.
Dangote: I built refinery without government incentives
The NNPCL had earlier said it would no longer serve as the sole buyer of petrol from Dangote refinery, making the refinery open to other marketers to purchase fuel directly.
This created a competitive and deregulated market where prices will be negotiated on a “willing buyer, willing seller” basis.
In September, the NNPCL said it had been purchasing petrol from the Dangote refinery at N898.78 per litre but was selling it to marketers at N765.99 per litre, effectively subsidising the product by N133 per litre.
However, the company has since declared that continuing the subsidy was unsustainable, leading to the current market adjustment.
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