Petrol price hits N1,030 as NNPCL ends exclusive deal with Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has once again increased Premium Motor Spirit (PMS) pump price, commonly known as petrol, to N1,030 per litre.

Our correspondent observed this change at several NNPCL stations in Abuja on Wednesday.

IDOMA VOICE reports that this price hike follows NNPCL’s decision to end its exclusive purchase agreement with Dangote Refinery.

This move allows marketers to negotiate prices directly with the refinery, instead of NNPCL being the sole off-taker.

In the Federal Capital Territory (FCT), petrol had previously been sold at N897 per litre. Meanwhile, in Lagos, where it was sold at N885 per litre, the new price has surged to N998, with long queues reported at various fueling stations.