The price of Premium Motor Spirit (PMS), otherwise known as petrol, rose, last night, as indications emerged that the product may sell for between N857 and N865 per litre after the NNPC Limited starts lifting the product from Dangote Refinery today.
It was gathered that the NNPCL, as the sole off-taker of petrol from the refinery, is projected. to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.
However, whether uniform product prices would apply at filling stations nationwide was unclear. As of yesterday, petrol sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.
At independent marketers’ outlets, the price was over N1,000. Elsewhere across the country, PMS sold for more than N1,200 per litre. Sources said the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.
