The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.
The price of the product increased to N998 per litre in Lagos on Wednesday.
NNPC increased the pump price from N855 per litre set in September.
Most of the retail outlets in Lagos have adjusted the price of PMS to N998 per litre.
Also, some private filling stations have started adjusting their prices, with some Mobil filling stations adjusting its pump price to that of NNPC.
The price development comes weeks after the NNPCL commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of price negotiations.
NNPCL filling stations across the country have also increased petrol price to ₦1,075 per litre.
This is the third increase in 30 days.
The new price are: Lagos – ₦998; South West – ₦1,025; Abuja,FCT – ₦1,030; South East – ₦1,045; South South – ₦1,075; and North East – ₦1,070.
NNPCL has been buying PMS at ₦898/l from Dangote Refinery, and selling to marketers at ₦765/l, therefore covering the offset of ₦133.
Recently, the state oil giant said it was no longer sustainable and reportedly end their exclusive partnership with Dangote Refinery.
With this new price, independent marketers may sell up to ₦1,300.
The new pump price has been implemented immediately on Wednesday
morning across the nation.