The Nigerian National Petroleum Company Limited (NNPC) has increased the price of Premium Motor Spirit (PMS) or petrol, from N855 per litre to N998 per litre across its retail outlets in Lagos and N1,030 in Abuja.
This represents a 12.7 percent or N113 per liter increase and 14.8 per cent or N133 rise respectively.
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.
Recall that upon the commencement of its lifting petrol from the Dangote refinery on September 15, the NNPCL had released a new price template for petrol.
