Abuja - The Nigerian National Petroleum Corporation (NNPC) has proposed an upward review in the pump price of the Premium Motor Spirit (also known as petrol).
The corporation is proposing N150 per litre price for the product, reports New Telegraph.
The new price follows the increase in the landing cost of the product.
The landing cost of the product has surged to N122.03 per litre, about N4 increase from the specification in the pricing template of the Petroleum Products Pricing Regulating Agency (PPPRA).
Also read: NNPC denies plan to increase fuel price
The increase was responsible for the N4 per litre price hike by NNPC’s mega stations across the country, which hiked their pump price from N141 to N145 per litre.
Because of the increase in the landing cost, seven foreign contractors, including Vitol, Petrocam and Northwest who participated actively in the importation of PMS, have abandoned the contracts.
The corporation has approached President Muhammadu Buhari to explain the new market realities to him, but the President refused to hear any briefing on price hike,
- News 24