The Nigerian National Petroleum Company Limited, NNPCL, yesterday, adjusted the price of Premium Motor Spirit, PMS, also known as petrol, to N1,025 per litre, from N998 per litre, in its outlets in Lagos and environs. The product is now selling for N1,050 in Abuja.
The price of petrol at the pump has increased for the second time in just three weeks,
However, this recent hike has seen prices move even higher, with outlets adjusting to the new rates.
A visit by our correspondent to an NNPCL station located on Awolowo Road, Ikoyi, Lagos, confirmed the new pricing.
Earlier reports had shown a potential price increase, following NNPCL’s decision to withdraw from its role as an intermediary in the Dangote Refinery purchase arrangement.
This move implies that NNPCL will no longer absorb the price differential between the refinery’s rates and the retail selling price, which previously involved a subsidy of N133 per litre.
Experts have described this decision by NNPCL as a significant step towards fully deregulating the country’s oil market. As a result, petrol marketers will now negotiate prices directly with the Dangote Refinery under a “willing buyer, willing seller” framework, similar to the process already in place for other deregulated products such as diesel and kerosene.
