NNPC Increases Petrol Price To N1,030 Per Litre Amid Market Changes.
The Nigerian National Petroleum Company Limited (NNPC) has raised the pump price of petrol to N1,030 per litre across various outlets in the country. This significant hike comes after the NNPC ended its exclusive purchase agreement with Dangote Refinery, a move expected to open up the market for other fuel marketers.
This decision allows marketers to buy petrol directly from Dangote Refinery, shifting the market to a fully deregulated model, where refineries can sell directly to marketers on a “willing buyer, willing seller” basis. The NNPC, which had previously shouldered a subsidy, purchasing petrol from Dangote Refinery at N898.78 per litre and selling at N765.99 per litre, said the arrangement had become unsustainable.
In Abuja’s Central area, NNPC outlets adjusted their pump price from N897 to N1,030. Similar price hikes were reported in Wuse and Lugbe areas, as customers expressed concern. One customer, Glory Okoye, told Premium Times, “This is funny; I just noticed that the pump price has changed from N897 to N1,030.”
In Ogun State, outlets in Akute were reportedly shut, leading to long queues of motorists along the Akute-Alagbole Road. The recent developments reflect ongoing adjustments in Nigeria’s petroleum market as the government and businesses adapt to changes in fuel pricing structures.
NNPC had earlier stated that it lifted about 103 million litres of petrol from Dangote Refinery between mid-September and the end of the month, but noted that the previous model of subsidising prices was no longer feasible.
As fuel prices rise, Nigerians brace for further economic impact, particularly with the cost of living already being a critical concern.
