The Nigerian National Petroleum Company Limited (NNPCL) has pumped up the pump price of petrol from N855 per litre to N998 per litre, another increase of the many already made under the government of the President Bola Ahmed Tinubu who declared “fuel subsidy gone” on May 29, 2023.
Happening today, the increase was noticed at the pumps at the group’s petrol outlets in Lagos.
The new price is a 12.7 percent or N113 jump on yesterday’s price.
On September 3, NNPC raised the price of PMS fuel from N568 to a minimum of N855.
In Abuja, fuel price was increased by 14.8 per cent to N1,030 per litre from the previous N897.
The latest price increase makes it the second time the petrol price has been hiked in the past month.
NNPC had in September increased pump price from N615 per litre to N897.
The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.
Earlier this week, the Nigerian National Petroleum Company Limited (NNPC Ltd) announced it is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.
