News Editor
By David Odama
Information reaching tms new online confirmed that the Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of fuel about N1, 000 per a litre
Recalled that fuel was previously sold for N897 in Abuja, and over one thousand in other parts of the country is currently selling at N1,050
Reports by our correspondents in Lagos and other states of the federation has that a litre of fuel previously sold for N885 is now selling at N998 while long queues have also resurfaced in most cities across the country
This tms news gathered is as a result of the NNPC terminating its exclusive purchase agreement with Dangote Refinery.
The situation further revealed that the NNPCL is ending its exclusive purchase agreement with Dangote Refinery, opening up the market monopoly for other marketers to purchase petrol directly from the refinery. meaning that NNPCL will no longer assume the sole sole direct purchase of the product paving the way for the major marketers to now negotiate prices directly with Dangote Refinery.
Recalled that the NNPCL had Wednesday morning adjusted the pump price of petroleum to N1,030. NNPC had earlier in September claimed that it was buying petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre, raising the responsibility of subsidizing the product squarely on shoulder at almost N133 per litre.
The NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.
