The Nigerian National Petroleum Company Limited (NNPC Ltd) has reviewed the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at its outlets in Abuja on Wednesday.
This comes after the company terminated its exclusive purchase agreement with Dangote Refinery.
Earlier on Monday, NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.
As a result, NNPC is no longer the sole off-taker for the Aliko Dangote owned refinery. Marketers are now free to negotiate prices directly with Dangote Refinery.
The development is in line with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller” basis.