The Nigerian National Petroleum Company Limited (NNPCL) has once again increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,030 per litre. This change was observed at NNPCL outlets in Abuja on Wednesday.

According to reports from Premium Times, the price hike follows NNPCL’s decision to end its exclusive purchase agreement with Dangote Refinery. With this move, the NNPC will no longer serve as the sole off-taker of petroleum products from the refinery, allowing marketers to negotiate prices directly with Dangote Refinery.

This development signals a shift in the dynamics of fuel pricing in Nigeria, potentially leading to further market-driven price adjustments.