The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit, also known as petrol, to N950 per litre in Abuja.
The national oil firm raised the price of the product from
the previous price of N880 per litre.
At the NNPC retail outlet in Federal Housing, Kubwa,
TheCable observed that the price of the product rose by N70.
In Lagos, the price of the product increased to N925 per
litre — from N860 — at the Ago Palace Way and Second Rainbow outlets.
The development follows similar increments at some filling
stations after the Dangote refinery’s decision to temporarily halt the sales of
petroleum products in naira as negotiations for the naira-for-crude deal stall.
On March 19, the refinery said the decision to halt sales in
naira was “necessary to avoid a mismatch between our sales proceeds and our
crude oil purchase obligations, which are currently denominated in U.S.
dollars”.
The sale of crude oil and refined petroleum products in
naira to local refineries commenced on October 1, 2024, to improve supply, save
the country millions of dollars in petroleum products imports, and ultimately
reduce pump prices.
On March 10, TheCable reported that the NNPC had halted the
naira-for-crude deal until 2030, as the government-owned company has
forward-sold all its crude oil.
However, the national oil firm said negotiations were
ongoing for a new naira-for-crude deal with Dangote refinery, as the current
agreement expired at the end of March.
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