Independent Oil Marketers Raise PMS Price to N1,200 per Litre in Abuja

 

Independent oil marketers in the Federal Capital Territory have increased the pump price of Premium Motor Spirit (PMS) to N1,200 per litre. This change reflects the cost at which they acquire the product from the Dangote Refinery and Petrochemical Company.

The price adjustment follows the full deregulation of Nigeria’s downstream petroleum sector, which has allowed the Nigerian National Petroleum Company (NNPC) to terminate its exclusive purchasing agreement with the Dangote Refinery. Consequently, other marketers can now directly source petrol from the refinery.

As a result, numerous filling stations have adjusted their pump prices, with the average now set at N1,200 per litre. The cessation of NNPC’s sole off-taker role has facilitated open market negotiations, allowing marketers to establish prices based on their agreements with Dangote Refinery.

This development aligns with global practices in fully deregulated markets, where refineries sell directly to marketers without government-controlled pricing, fostering a more competitive environment.