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.
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.
Leave a Reply