The Nigerian National Petroleum Company (NNPC) Limited has raised the price of premium motor spirit (PMS), generally known as fuel, at its retail stores.
On Wednesday, Bizwatch Nigeria reported that the product’s price had risen to N998 per liter in Lagos. The NNPC upped the pump price from N855 per litre, which was established in September.
The price of PMS at NNPC retail outlets on Ago Palace Way in Okota and Second Rainbow on Apapa Expressway was fixed at N998 per liter. In Abuja’s Wuse Zone 4, a NNPC retail outlet offered the product for N1,003 per litre. Also, commercial filling stations have begun to modify their prices, with the Mobil filling station on College Road in Ogba matching the NNPC pump price.
The price development comes weeks after the NNPC commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of price negotiations. On September 15, the NNPC said petrol was bought from Dangote refinery at N898 per litre.
The Dangote refinery countered NNPC’s claim, describing it as “both misleading and mischievous.”. A day later, the national oil company announced estimated pump prices based on prices set by the Dangote refinery for its petroleum products, saying petrol will sell for N950 in Lagos and N999 in Abuja.
