Fuel Price Increases to N1,030 per Litre

The Nigerian National Petroleum Company Limited (NNPC) announced a rise in Premium Motor Spirit (PMS) price to N1,030 per litre across various outlets in Abuja on Wednesday, October 9.

This increase follows NNPC’s decision to terminate its exclusive purchasing agreement with the Dangote Refinery.

With the termination of the exclusive agreement, NNPC is no longer the sole buyer, enabling marketers to negotiate prices directly with Dangote.

This move aligns with the broader trend towards deregulation, permitting refineries to operate on a “willing buyer, willing seller” basis.

Last month, NNPC raised pump prices to N855 per litre in Lagos and N897 in Abuja. The company indicated it was purchasing petrol from Dangote at N898.78 per litre while selling to marketers at N765.99 per litre, resulting in a subsidy of nearly N133 per litre. However, NNPC has stated it can no longer sustain this subsidy arrangement.