The Nigerian National Petroleum Company Limited (NNPCL) has again increased the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, at its retail stations.
The NNPCL increased the pump price of petrol at its stations in Lagos State to N1,020 per litre, while the product was sold at N1,050 in Abuja, the nation’s capital, on Tuesday, October 29, 2024.
The Star recalls that the NNPCL, on October 9, 2024, raised petrol prices from N897 per litre to N1,030 in Abuja, and N998 in Lagos where petrol was formerly sold for N885.
The NNPCL had in September increased petrol price from N615 per litre to N897.
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The company 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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