The Nigerian National Petroleum Company Limited, NNPC Ltd, has again increased the pump price of Premium Motor Spirit, PMS, at many locations in Abuja to N1,030 per litre.
The decision to end the exclusive purchasing arrangement between the corporation and Dangote Refinery is what led to this recent price increase.
Other marketers were able to buy fuel straight from the refinery since NNPC terminated the deal earlier on Monday.
Marketers may now directly negotiate rates with Dangote Refinery since NNPC is no longer the exclusive off-taker.
Refineries will now be able to sell to marketers on a “willing buyer, willing seller” basis, in line with the present practices of fully deregulated products.