The Nigerian National Petroleum Company (NNPC) Limited has again raised the price of premium motor spirit (PMS), commonly known as petrol, at its retail outlets. This marks the second price hike in October, with the latest increase taking effect on October 3.
The pump price surged from N855 per litre set in September to N998 per litre. However, at NNPC retail stations on Ago Palace Way in Okota, Lagos, the price has now reached N1,025 per litre. In the federal capital, Abuja, at a station in Kubwa, petrol is being sold for N1,050 per litre. Other private filling stations, including Mobil, Rain Oil, and AA. Rano, have adjusted their prices to range from N1,100 to N1,250 per litre.
This increase follows the commencement of petrol lifting at the Dangote Petroleum Refinery after extensive price negotiations. On September 15, the NNPC announced that petrol was purchased from the Dangote refinery at N898 per litre, a claim that was disputed by the refinery, which called it “misleading and mischievous.”
Subsequently, the NNPC estimated new pump prices based on the Dangote refinery’s pricing, projecting petrol would cost N950 in Lagos and N999 in Abuja. However, on October 10, the Independent Petroleum Marketers Association of Nigeria (IPMAN) demanded that the NNPC either refund money owed to oil marketers or sell petrol to them at the same rate as the Dangote refinery. IPMAN claimed that their funds have been held up by NNPC for over three months and that NNPC’s selling prices to oil marketers are significantly higher than what they paid the refinery.
On October 11, the federal government announced that oil marketers are now permitted to purchase petroleum products directly from the Dangote refinery and other local producers, following a previous directive that restricted sales to the NNPC alone.
