The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the price of Premium Motor Spirit (PMS) to N1,030 per litre at various stations in Abuja as of Wednesday.
This price hike follows NNPC’s decision to end its exclusive purchasing agreement with Dangote Refinery. Earlier this week, on Monday, NNPC terminated the deal, allowing other fuel marketers to buy petrol directly from the refinery.
With NNPC no longer the sole buyer, marketers can now negotiate prices directly with Dangote Refinery. This move aligns with the full deregulation of the petroleum sector, allowing refineries to sell to marketers based on a “willing buyer, willing seller” arrangement.
Details later
