The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of petrol pump to N1,030 per litre at its retail outlets in Abuja.
Checks at various outlets of the state-owned company in Abuja, on Wednesday, revealed that the pump price had changed from N897 to N1,030.
Earlier in the week, it was reported that the pump price of petrol was poised to increase again as NNPC had ended its exclusive purchase agreement with Dangote Refinery, which had made it the sole buyer for the commodity.
The termination of the agreement implied that the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery, in line with current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
