There is no respite for Nigerians as the Nigerian National Petroleum Company Limited, NNPCL, has again jerked up the pump price of the Premium Motor Spirit (PMS), also known as petrol to N1,030 per litre.
The development was observed by our correspondent at some NNPCL outlets in Abuja on Wednesday.
The recent development came after the NNPCL decided to terminate its exclusive purchase agreement with Dangote Refinery.
This means the NNPCL will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.
In the Federal Capital Territory, FCT, the product was previously sold for N897 per liter.
Our correspondent further gathered that in Lagos, fuel which previously sold for N885 per litre, is now being sold at N998 amid long queues.
It is believed that this latest increase may have been caused by the new price of N977 per litre the product is sold by the Dangote Refinery, major supplier of the product to the NNPCL.
Findings showed that this has led to the adjustment in pump ptice by the NNPCL as full deregulation of the product takes immediate effect.
With the new price by Dangote Refinery, the NNPC Ltd has adjusted the price of Premium Motor Spirit (PMS), also known as petrol, based on the ex-depot price it bought from the Dangote Refinery.
Reports trickling in indicate that the National Oil Company bought a litre of PMS from the Dangote Refinery at N977.
Checks reveal that NNPC Retail Stations in Lagos are currently selling the product at N988, while those in Abuja are selling at N1,030.
Recall that since the recent exit of NNPC Ltd as the middleman in the Dangote Refinery PMS sale, the nation’s marketers are now free to buy their products from the refinery on a willing-buyer willing-seller basis.