Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS).
The product which previously sold for N897 in Abuja, the nation’s capital, currently sells for N1,030. While in Lagos, fuel which previously sold for N885 per ltire is now being sold at N998 amid long queues.
The development comes in after NNPCL’s exit as a middleman in the Dangote Refinery purchase deal.
This implies that the national oil company will no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.
The NNPCL’s decision is seen as a crucial shift towards a fully deregulated oil market.
Marketers would henceforth negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement, aligning with practices for other deregulated products such as diesel and kerosene.
Recent adjustments allow independent marketers to engage with Dangote directly without any intervention of a middleman.
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