The Nigerian National Petroleum Company Limited (NNPC) has increased the price of Premium Motor Spirit (PMS), also known as petrol, across its retail outlets in Abuja, Lagos and other major cities in the country.
The product which was previously sold by NNPC outlets for N897 in Abuja, the nation’s capital, currently sells for N1,030, while Lagos vehicle owners buy the product from its outlets for N998 per litre.
The price adjustment which was effected by the fuel stations on Wednesday came barely a month after the firm announced that a new pump price would be required to keep marketers in business.
While arguing that the previous prices are not sustainable, the managers of the NNPC outlets disclosed to The Guild that forces of demand and supply compelled the increment in pump price.
The development came hours after NNPCL’s exit as a middleman in the Dangote Refinery purchase deal, an indication that implies the national oil company would no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.
Also, private filling stations have started adjusting their prices after realizing that NNPC had announced upward review of the product.
