Nigerians are bracing for an imminent increase in petrol prices, following the Nigerian National Petroleum Company Limited‘s (NNPC Ltd) decision to terminate its exclusive purchase agreement with Dangote Refinery, according to reports from Premium Times.
As the fallout from this significant policy shift unfolds, new pricing data reveals that the cost of petrol at retail outlets across the country is expected to climb to a staggering minimum of ₦991.21 per litre, up from the current ₦897/litre.
The implications of this decision will be felt nationwide, as consumers in major cities prepare for steep price hikes.
In a detailed review of the Premium Motor Spirit (PMS) pricing framework, obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), projections indicate that petrol prices will vary significantly by location.
In Abuja, petrol could soar as high as ₦1,029.01 per litre, while Lagos residents may pay ₦991.21.
Other cities are also…