Petrol prices rise further in Nigeria as NNPC sells at N998/litre in Lagos, above N1,000 elsewhere

Petrol pump price has risen to N998 per litre in Lagos and N1,030 per litre in Abuja at Nigerian National Petroleum Company Limited (NNPC) outlets on Wednesday, making  the second increase within a month, as September saw prices jump from N615 to N897 per litre in Abuja.

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The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.

Earlier on Monday, it was reported that the Nigerian National Petroleum Company Limited (NNPC) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.

This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery, just as the development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.