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An upward review of petrol pricing will become effective at the retail stations of the Nigerian National Petroleum Company (NNPC Retail) and other independent outlets on Wednesday, PREMIUM TIMES has learnt.

Sources familiar with the development told PREMIUM TIMES Wednesday morning that the NNPC and other marketers are adjusting prices at their pumps to reflect the actual cost of petrol at Dangote Refinery.

The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.

Earlier on Monday, this newspaper exclusively reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.

This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.

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