The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of Premium Motor Spirit (PMS) to N897 per liter across its retail outlets nationwide.
Sources revealed that marketers were initially informed of a price of N870 per liter, but they added their margins, leading to higher prices.
The new pump price at NNPC retail outlets varies by location: Abuja sells at N897 per liter, Kano at N904, and Yola at N924 per liter.
Prices at independent and major marketers’ outlets are expected to be even higher.
This price adjustment follows the recent release of 25 million litres of PMS by Dangote Refinery into the domestic market.
The refinery is set to increase its daily supply to 30 million litres starting October 2024.
