Again, NNPCL increases fuel pump price

The Nigerian National Petroleum Company Limited (NNPC Ltd) raised the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at various outlets in Abuja on Wednesday, October 9, 2024.

This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.

Early this week, NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.

As a result, NNPC is no longer the sole off-taker, and marketers are now free to negotiate prices directly with Dangote Refinery.

Experts noted that this shift aligns with the current practices of fully deregulated products.

This, in turn, will enable refineries to sell to marketers on a “willing buyer, willing seller” basis.

Wednesday morning, NNPCL outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.

The development comes after NNPCL decided to terminate its exclusive purchase agreement with Dangote Refinery.

It could be recalled that NNPCL had claimed, in September, that it was buying petrol from Dangote Refinery at N898.78 per litre.

It also said it was selling to marketers at N765.99 per litre, shouldering a subsidy of almost N133 per.

However, the company said this arrangement is no longer sustainable.

The NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30.

The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.

The vehicles carried just 102,973,025 litres of the planned 400,000,000 litres of petrol earmarked to be lifted from the refinery at 25 million litres per day.

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