NNPCL Increases Petrol Prices to N1,030 per Litre Following End of Exclusive Deal with Dangote Refinery

Petrol prices at the pump have once again seen a sharp increase as the Nigerian National Petroleum Company Limited (NNPCL) raised the cost of Premium Motor Spirit (PMS) to N1,030 per litre. This abrupt price hike was observed by our correspondent at several NNPCL stations in Abuja on Wednesday.

The latest increase comes after NNPCL decided to end its exclusive purchase agreement with the Dangote Refinery, a move that now allows marketers to directly negotiate rates with the refinery, ending NNPCL’s role as the sole offtaker.

Previously, petrol was being sold at N897 per litre in the Federal Capital Territory (FCT). However, as a result of the changes, prices have surged. According to information obtained by our correspondent, fuel in Lagos is currently being sold at N998 per litre, up from the earlier price of N885. Long queues were also observed in Lagos as consumers rushed to buy fuel at the new rates.