NNPC Increases Pump Price After Terminating Exclusive Agreement With Dangote Refinery

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.

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