The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,030 per litre.
Residents at various NNPCL outlets in Abuja noted this increase on Wednesday.
This price hike follows the NNPCL’s decision to end its exclusive purchasing agreement with Dangote Refinery.
As a result, the NNPCL will no longer be the sole off-taker, allowing marketers to negotiate prices directly with the refinery.
In the Federal Capital Territory (FCT), the price of petrol previously stood at N897 per litre. Meanwhile, in Lagos, fuel that was once priced at N885 per litre is now being sold for N998, leading to long queues at filling stations.
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