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News Alert: Again, NNPCL increases fuel pump price to N1,030 per litre in Abuja, N998 per litre in Lagos
— terminates exclusive purchase agreement with Dangote refinery
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at its various outlets in Abuja on Wednesday.
This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
On Monday, October 7th, 2024,NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.
Consequently the national oil company is no longer the sole off-taker while marketers are now free to negotiate prices directly with Dangote Refinery.
This shift aligns with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller” basis.
By implication and with the N1030 pump price of NNPCL, pump prices of the product by the major and independent marketers are now expected to be over the NNPCL pump price.
Economy
NNPC sells Dangote September fuel delivery at N950.22 per litre in Lagos
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.
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