The Nigerian National Petroleum Company Limited (NNPC Ltd) has raised the pump price of Premium Motor Spirit (PMS) to N1,030 per litre, hours after Aliko Dangote urged the Federal government to incentivise investors in oil and gas sector .
The NNPC Ltd hiked the PMS (popularly known as fuel) prices at various outlets in Abuja on Wednesday.
Aliko Dangote had claimed that his Dangote Refinery and Petrochemicals was built without any government incentives.
Dangote spoke through his representative, Engr. Mansur Ahmed, Group Executive Director of Dangote Industries Ltd, while delivering a keynote address at a summit held in Lagos by the Crude Oil Refinery Owners Association of Nigeria (CORAN).
NNPC Ltd price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
Earlier on Monday, NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.
As a result, NNPC is no longer the sole off-taker, and marketers are now free to negotiate prices directly with Dangote Refinery.
This shift aligns with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller” basis.
