The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS), also known as petrol, to N1,030 per litre. This development was observed on Wednesday at several NNPCL outlets in Abuja.

The price hike follows the termination of NNPCL’s exclusive purchase agreement with Dangote Refinery, allowing marketers to now negotiate prices directly with the refinery. Previously, NNPCL had been the sole off-taker for petrol from Dangote Refinery.

In the Federal Capital Territory (FCT), petrol, which was sold at N897 per litre, has now increased to N1,030. In Lagos, the price has risen from N885 to N998 per litre, with long queues forming at petrol stations.