The Nigerian National Petroleum Company Limited (NNPC Ltd) has raised the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at various outlets in Abuja on Wednesday.
This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
Earlier on Monday, NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.
As a result, NNPC is no longer the sole off-taker, and marketers are now free to negotiate prices directly with Dangote Refinery.
This shift aligns with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller”