The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the price of Premium Motor Spirit (PMS), also known as petrol, based on the ex-depot price it bought from the Dangote Refinery, investigations have revealed.
Reports trickling in indicate that the national oil company bought a litre of PMS from the Dangote Refinery at N977.
Checks also revealed that NNPC Retail Stations in Lagos are currently selling the product at N988, while those in Abuja are selling at N1,030. Findings revealed that the new price is the actual cost of petrol at Dangote Refinery.
Recall that since the recent exit of NNPC Ltd as the middleman in the Dangote Refinery PMS sale, the nation’s marketers are now free to buy their products from the refinery on a willing-buyer willing-seller basis.
With the new development, the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. The development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
N1,080
About The Author
