Petrol prices jumped after Dangote halt selling PMS in naira

Petrol prices have started soaring high after the declaration by Dangote refinery that it will halt selling the PMS in naira.

Dangote’s stance came after the Nigerian government and the business mogul couldn’t renew their contract of selling the crude oil to Dangote in naira.

For the past six months, Dangote has been buying the crude oil from Nigeria in naira, which was why he reduced the petrol price drastically twice, to 860 naira per liter.

That reduction in price alongside his partners, MRS, and others, forced the NNPCL and other filling stations to also reduce their prices.

However, this new development has prompted a sharp increase in depot prices, with petrol now selling for N875 per litre, according to Petroleum Price, which is a big increase before the announcement.

A conoil filing station in Abuja was selling at 920, while Rainoil was selling at 875.