PMS also known as petrol, across its retail outlets, according to our sources, was increased to N998 per litre.
Recall that NNPC increased the pump price from N855 per litre set in September.
But on Wednesday, the price of the petrol product increased to N998 per litre in Lagos State.
In Abuja, the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, to N1,030 per litre at various outlets on Wednesday
The development came after the NNPCL decided to terminate its exclusive purchase agreement with Dangote Refinery.
Earlier on Monday, the Nigerian National Petroleum Company Limited (NNPC Ltd) had notified its intention to end its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
It was observed on Wednesday morning that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.
At the station, Glory Okoye, a customer who spoke to newsmen, said: “This is funny; I just noticed that the pump price has changed from N897 to N1,030.”
At several other outlets in the Wuse, Lugbe area of the capital city, it was confirmed that the pump price equally jumped to N1,030 as motorists and commuters grumbled amid the uncertainty.
