The Nigeria National Petroleum Corporation Limited, NNPCL, have again increased the price of Premium Motor Spirit from N855 to N1,010 per litre for Lagos markets and up to N1,050 for Calabar and other parts of the Southsouth and Southeast.
The new price represented about a 20% increase from the prevailing N895 for PMS in the Southsouth and Southeast, popularly known as Calabar Depot Price.
New PMS price released by NNPC on Wednesday
It was gathered that the marketers were informed of the latest price when they got to the company’s depot on Wednesday morning.
The NNPCL has not responded to our request for comment on the latest development.
The latest in the third in the last two months by the nation’s oil company, and it came after revelations that independent and major marketers would begin to load petroleum products directly from Dangote Refinery.
Various sources from the NNPC and major markets disclosed on Tuesday that the national company had stepped down from its role as the sole taker of the Dangote Refineries PMS.
The report also confirmed plans by the NNPC to release higher price.
Reliable industry sources told NDN that NNPC was spending about N3.5 billion daily on petrol subsidies across the country when it was the sole take of DRL petrol.
It was gathered that the President Bola Tinubu administration is committed to a full deregulation of the sector, hinting that the latest development could be actualisation of that objective.
Meanwhile, there was uneasy calm across the country on Wednesday, following the latest increment in PMS price, with expectations high that labour unions could again pick up the gauntlet against the government.
