NNPCL raises petrol prices to N998, ₦1,030 per litre for Lagos, Abuja after ending Dangote Refinery deal
The Nigerian National Petroleum Corporation Limited has adjusted the price of Premium Motor Spirit at its dispensing Stations across the country.
A survey of outlets in Lagos reports that the dispensing stations in the state owned by the Nigerian National Petroleum Corporation limited have adjusted the price from the former N858 To N998.
It was also gathered that the price of the product also increased to N997 per litre at Mobil Stations around Ikeja, Lagos on Wednesday.
Reports from Abuja also indicated that the Stations owned by the Company have adjusted the price of Premium Motor Spirit popularly known as Petrol to N1030.
Prices for other parts of the Country are expected to have changed but will be based on distance to Lagos which serves as the baseline in the pricing of the product.
These hikes have led to long queues at filling stations across these cities, adding pressure on consumers already affected by the cost of living.
Recall the NNPCL recently disclosed that it had accumulated a staggering $6 billion in debt, adding further pressure to the already strained fuel market. [Getty Images]
This price increase is not uncnnecten with NNPCL’s decision to terminate its exclusive purchasing agreement with Dangote Refinery. The termination of the exclusive deal now allows marketers to negotiate prices directly with Dangote Refinery, which has previously been NNPCL’s sole supplier.
An NNPCL representative stated, “Ending the exclusive agreement provides more flexibility for independent marketers and could help stabilise supply in the long term.”
This is seemingly announcing a fully deregulated market for pms as market forces now determine price of the product.
The price adjustment recently marks one of the highest pump prices, sparking public frustration.
Residents in both Abuja and Lagos have voiced concerns over affordability and the potential ripple effects on transportation and food prices.
