The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of petrol.
The product which previously sold for N897 in Abuja, the nation’s capital, currently sells for N1,030.
In Lagos, fuel which previously sold for N885 per ltire is now being sold at N998 amid long queues.
Reports revealed that the Nigerian National Petroleum Company Limited (NNPC Ltd) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.
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