Home News NNPC Increases Pump Price After Terminating Exclusive Agreement With Dangote Refinery
News

NNPC Increases Pump Price After Terminating Exclusive Agreement With Dangote Refinery

491

The Nigerian National Petroleum Company Limited (NNPCL) has reportedly increased the pump price of petrol at its retail outlets.

Premium Times reported that petrol price was raised to N1,030 at NNPCL outlets in Abuja on Wednesday.

This is coming days after the national oil company terminated its exclusive purchase agreement with the Dangote Refinery, in order to allow independent oil marketers to buy directly from the refinery.

In the past weeks, NNPCL had served as a middleman between oil marketers and the Dangote Refinery, as it claims to sell to the marketers at a price lesser than it purchased from the refinery. 

The national company said it bought petrol at the rate of N898.78 from the Dangote Refinery, and sold at a lesser price to marketers.

Earlier this week NNPCL conceded to agitations of marketers demanding direct access to the Dangote refinery, even though experts in the industry had warned that such arrangement would result in another hike in the pump price.

Predictably, pump price has reportedly risen to N1,030, and may rise higher in the coming days.

Read More:

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

AFN relays
NewsSports

AFN Unveils World Relay Championship List, Amusan, Ofili to Run 4x100m

The Athletics Federation of Nigeria (AFN) has unveiled the squad to represent...

Chief Justice Gertrude Suspended
NewsWorld

Ghana’s President Mahama Suspends Chief Justice Gertrude Torkornoo Over Misconduct

Ghana’s President, John Mahama, has suspended Chief Justice Gertrude Torkornoo following some...

News

FACT CHECK: BBC Journalist Spreads Misinformation, Claims That Ibrahim Traoré Speech Addressing Security Volunteers is “Fake AI Video”

Collins Nabiswa, a Kenyan journalist working for ‘BBC Monitoring’ and ‘BBC Disinformation’...

FG Moves to Hike Electricity Tariff Despite Economic Hardship
News

Tinubu to Spend N10bn on Aso Villa Solar Project as Nigerians Struggle with Power Outages

The Federal Government has allocated N10 billion for a solar mini-grid at...