In a shocking move, the Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of Premium Motor Spirit (PMS) from N855 to N950 per litre within Lagos, effective immediately.
This comes after the company lifted fuel from the Dangote Refinery, which was expected to lead to a reduction in prices.
According to a press release by the NNPC, the estimated pump prices are based on September 2024 pricing, and the company is paying Dangote Refinery in USD for the fuel, with Naira transactions set to commence on October 1st, 2024.
The NNPC claims that PMS prices are not set by the government but are negotiated directly between parties on an arm’s length basis, citing the Petroleum Industry Act (PIA).
However, many Nigerians are outraged by the sudden price hike, taking to social media to express their disappointment and frustration.
The NNPC has assured that if the quoted pricing is disputed, it will pass on any discount from the Dangote Refinery to the general public.
https://x.com/nnpclimited/status/1835477906786562280?t=NtfR8tfh8td583AR5__KJg&s=19
