NNPC increases pump price to N1,025 in Lagos, N1,050 in Abuja

October 29, 2024 6:57 pm

We don’t import adulterated petrol, says NNPC

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

On Tuesday, TheCable observed the second increase in October.

NNPC increased the pump price from N855 per litre set in September to N998 per litre on October 3.

However, at the NNPC retail outlets located at Ago Palace Way, Okota, Lagos, the price of PMS has been increased to N1,025 per litre.

In Abuja, at federal housing, Kubwa, an NNPC retail station sold the product at N1,050 per litre.

Other private filling stations such as Mobil, Rain Oil, and AA. Rano have also adjusted their prices to between N1,100 to N1,250 per litre.

The increase comes more than one month after the NNPC commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of price negotiations.

On September 15, the NNPC said petrol was bought from Dangote refinery at N898 per litre.

The Dangote refinery countered NNPC’s claim, describing it as “both misleading and mischievous”.

A day after, the national oil company announced estimated pump prices based on prices set by the Dangote refinery for its petroleum products, saying petrol will sell for N950 in Lagos and N999 in Abuja.

On October 10, the Independent Petroleum Marketers Association of Nigeria (IPMAN) asked NNPC to refund the oil marketers’ money or to sell petrol to its members at the Dangote refinery rate.

IPMAN said its members’ money has been with NNPC for over three months.

According to the association, NNPC collected PMS from the Dangote refinery below N900 per litre, but NNPC wants oil marketers to buy the same product at the rate of N1,010 in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.

On October 11, the federal government said oil marketers can now buy petroleum products directly from the Dangote refinery and other local producers — one week after directing the Dangote refinery to sell petrol to only the NNPC.