The Nigerian National Petroleum Company (NNPC) Limited has again jerked up the pump price of Premium Motor Spirit (PMS), also known as petrol, across its retail outlets nationwide.
TheNewsGuru.com (TNG) reports NNPC Limited jerked up the price of the product to as high as N1,030 per litre in Abuja, as observed in the federal capital territory (FCT) on Wednesday.
In Lagos State, it was observed that the price of the product increased to N998 per litre. NNPC had increased the pump price of petrol to N897 per litre set in September.
This is coming after NNPC announced that it will no longer be the sole off-taker of petrol from Dangote Refinery, and that marketers can now negotiate prices directly with the refinery.
The latest price increase makes it the second time the pump price of petrol has been hiked in the past month. NNPC had in September increased the pump price of petrol from N615 per litre to N897.
Earlier this week, NNPC announced it is ending 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.
Details shortly…