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, MDB 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, 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.
