NNPC Raises Pump Price To N950 in Lagos, N1,019 in Borno

The Nigerian National Petroleum Company Limited (NNPC) has set new pump prices in its retail outlets across the country. It will sell at N950.22 in Lagos, N960.22 in Oyo, N980.22 in Rivers, N1,019 in Borno and N999.22 in Sokoto, Kaduna and Kano.

This is after lifting over 16 million litres of Premium Motor Spirit (PMS) from the Dangote Refinery in Lagos over the weekend.

In a statement issued by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, the company said it bought PMS at the rate of N898.78 from the Dangote Refinery.

Soneye noted that NNPC bought directly in US Dollars as “Naira transactions will only commence on October 1st, 2024.”

The statement added that “the NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arm’s length.”

Meanwhile, oil marketers have demanded direct access to Dangote Refinery, rather than the NNPC acting as a middleman.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, argued that the petroleum market should be open to its members in line with the willing-buyer and willing-seller commitment earlier made by the NNPC.

After enduring weeks of petrol scarcity, Nigerians will pay more, while inflation rises. Meanwhile, the federal government is yet to implement the new minimum wage of N70,000 despite its adoption in July.

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Oluwatobi Odeyinka

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