Nigerians react with shock as NNPC increases Petrol Price to N998 per Litre

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

TheCable observed that the price of the product increased to N998 per litre in Lagos on Wednesday. NNPC increased the pump price from N855 per litre set in September.

At the NNPC retail outlets located at Ago Palace Way, Okota, and Second Rainbow at Apapa Expressway, the price of PMS was fixed at N998 per litre.
In Abuja, at Wuse Zone 4, an NNPC retail station sold the product at N1,003 per litre. Also, private filling stations have started adjusting their prices, with the Mobil filling station at College road, Ogba, adjusting its pump price to that of NNPC.
The price development comes weeks 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.