Premium Motor Spirit (PMS) pump prices at various Abuja locations are now N1,030 per litre due to an increase by the Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday.
The company’s decision to end its exclusive buying deal with Dangote Refinery is what led to this price increase.
NNPC terminated the contract earlier on Monday, enabling other marketers to buy gasoline straight from the refinery.
NNPC is no longer the only offtaker as a result, and marketers are now able to directly negotiate prices with Dangote Refinery.
This change is in line with the way that goods are currently fully deregulated, allowing refineries to sell to marketers on the basis of “willing buyer, willing seller.”
