The price of petrol surged to ₦1030 per litre at several Nigerian National Petroleum Company Limited (NNPC Ltd) outlets in Abuja on Wednesday. This price hike follows the NNPC’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
The recent development means the NNPC is no longer the sole buyer of petrol from Dangote Refinery. Other marketers can now negotiate prices directly with the refinery, aligning with the current deregulation policy that allows refineries to sell products on a willing buyer, willing seller basis.
9am News Nigeria confirmed that several NNPC outlets across the Central area of Abuja, Wuse, and Lugbe adjusted their pump prices to ₦1,030, causing frustration among motorists and commuters amid growing uncertainty. In Akute, Ogun State, long queues formed as NNPC outlets shut down, citing a faulty generator as the cause of the disruption.
Previously, the NNPC had been purchasing petrol from Dangote Refinery at ₦898.78 per litre and selling it at ₦765.99 per litre, shouldering a subsidy of almost ₦133 per litre. However, this arrangement has now become unsustainable, prompting the price shift.
Between September 15 and 30, the NNPC lifted about 103 million litres of petrol from Dangote Refinery, a far cry from the 400 million litres expected for the period. As the situation unfolds, Nigerians are left grappling with the steep fuel price hike, raising concerns about the impact on transportation costs and the broader economy.
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