Again, NNPC Ltd hikes petrol price, hits N998/lt in Lagos, above N1,000 in other cities

The Nigerian National Petroleum Company (NNPC) Limited has again increased the price of premium motor spirit, popularly known as petrol, across its retail outlets.

The price of the product increased to N998/lt in Lagos on Wednesday and up to N1,030/lt in other parts of the country.

The recent hike occurred after NNPC Ltd ended its exclusive purchase agreement with Dangote Refinery.

READ ALSO: Rep accuses NNPCL, marketers of creating monopoly in fuel distribution sector

With this move, NNPC Ltd will no longer serve as the sole buyer, allowing marketers to negotiate prices directly with the refinery.

The development mirrors the practices of fully deregulated products, where refineries and marketers engage on a willing buyer, willing seller basis.

It would be recalled that the NNPC Ltd increased the pump price to N855 per litre in September.

This is a developing story

By: Babajide Okeowo

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