The Nigerian National Petroleum Company NNPC Limited has again hike the price of Premium Motor Spirit, PMS otherwise known as Petrol in the country.
It was observed the pump price of fuel has been increased to N1,030 per litre at NNPC filling stations on Wednesday, DAILY GIST reports.
The company is selling at N998 per litre across its retail outlets in Lagos.
This represents a 12.7 percent or N113 per liter increase from the previous price.
The development follows the termination of NNPC’s exclusive purchase agreement with Dangote Refinery.
DAILY GIST reported earlier that NNPC Ltd would no longer be the sole buyer of PMS from Dangote Refinery.
This opens the market for other marketers to purchase directly from the refinery, allowing for a “willing buyer, willing seller” pricing model.
This adjustment aligns with the full deregulation practices currently in place for petroleum products in Nigeria.
A customer, Glory Okoye who, expressed disbelief in the recent hike said: “This is funny; I just noticed that the pump price has changed from N897 to N1,030.”
The new increment has left motorists and commuters frustrated.
Long queues were reported at other NNPC stations across the states.
An attendant explained the halt in service was due to waiting on a directive regarding the new prices.
This price jump follows NNPC’s September claim of purchasing petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre—bearing a subsidy of N133 per litre.
However, NNPC has stated that the arrangement is no longer sustainable, leading to the current price hikes as the market adjusts to new dynamics.
