The Nigerian National Petroleum Company Limited (NNPC) has increased the fuel price to N1,030 per litre at its filling stations across the country.
This new price took effect on Wednesday morning, marking a significant rise from the previous price of over N850 per litre set just a month ago.
The recent hike follows a directive from NNPC management, which had previously raised the official fuel price from N568 to N855 in September.
This move is part of a broader strategy to adjust fuel prices in line with market realities.
In a related development, major oil marketers are set to begin direct purchases of Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery.
This shift is expected to commence between Thursday and next week, as NNPC steps back from its role as the sole off-taker of petrol from the $20 billion refinery.
Sources within NNPC and the Major Energies Marketers Association of Nigeria confirmed that this change will allow other players in the downstream sector to buy products directly from the Dangote refinery.
This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
Additionally, there are unconfirmed reports that the Nigerian Midstream and Downstream Petroleum Regulatory Authority has released new petrol prices, which are expected to be higher than the current pump prices in various locations nationwide.
This series of changes underscores the ongoing adjustments in Nigeria’s fuel pricing and distribution landscape, reflecting the government’s efforts to align with global market trends and ensure a sustainable supply chain.
