The Nigerian National Petroleum Company Limited (NNPCL), has hiked the pump price of the Premium Motor Spirit, PMS, also known as petrol to N1,030 per litre.

At the press time, all NNPC filing stations have adjusted their meter to reflect the development, days after the recently privatized State oil company dumped the middleman role between Dangote Refinery and the market.

In an official statement, NNPCL decided to terminate its exclusive purchase agreement with Dangote Refinery amidst unsettled pricing issues.

The move effectively stopped NNPC to be the off-taker, and marketers can now negotiate prices directly with Dangote Refinery.

In the Federal Capital Territory, FCT, the product was previously sold for N897 per liter.

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