The Nigerian National Petroleum Company Limited (NNPC Ltd) filing stations in Abuja have begun selling premium motor spirit, also known as petrol, for N1,030 per litre.
This comes after the NNPC terminated its exclusive purchase agreement with Dangote Refinery. The move opens the way for other marketers to buy petrol directly from the refinery.
The refinery can now sell directly to marketers on a willing buyer and willing seller basis.
As of Wednesday, NNPC filing stations in Abuja sell for N1,030 per litre while its outlets in Lagos sell for N998.
Petrol prices at NNPC retail stations in the north-east is expected to be between N1,060 and N1,070 while in the south-south prices are expected to move between N1,055 and N1,075 per litre for the product.
Last month, NNPC increased the pump price to N855 per litre in Lagos and N897 in Abuja.
The company claimed that it was buying petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre, shouldering a subsidy of almost N133 per litre. However, the company said it could no longer sustain the arrangement.
On October 5, the Nigerian government said it has officially commenced the sale of crude oil and refined petroleum products in naira.
