The Nigerian National Petroleum Company Limited has allegedly raised the price of premium motor spirit, commonly referred to as petrol, at its retail outlets.
It was observed that the price of the product increased to N1030 per litre in Lagos on Wednesday, according Premium Times.
NNPC reportedly raise the pump price of petrol from N855 per litre set in September to N998 per litre at its retail outlets, such as those on Ago Palace Way in Okota and Second Rainbow along Apapa Expressway.
Consumers may feel the impact of this change in their daily transportation costs.
In Abuja, NNPC retail stations, such as the one in Wuse Zone 4, are reportedly selling petrol for N1,030 per litre.
Private filling stations are also adjusting their prices, with the Mobil station on College Road, Ogba, aligning its price with NNPC’s.
This price increase follows NNPC’s recent commencement of petrol lifting at the Dangote Petroleum Refinery after lengthy negotiations, indicating a shift in the market dynamics.
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”.
The day after the price adjustments, NNPC announced estimated pump prices reflecting those set by the Dangote refinery.
According to this announcement, petrol is expected to sell for N950 per litre in Lagos and N999 per litre in Abuja.
This new pricing indicates the company’s alignment with the refinery’s product costs and ongoing market changes.
