The pump price of petrol surged to ₦1,030 per liter at several Nigerian National Petroleum Company Limited (NNPC Ltd) stations in Abuja on Wednesday.
This hike follows the NNPC’s decision to end its exclusive purchase agreement with Dangote Refinery.
Earlier reports indicated that NNPC Ltd had decided to cease being the sole buyer of petrol from Dangote Refinery, thus allowing other marketers to directly purchase fuel from the refinery on a willing buyer, willing seller basis. This shift reflects the fully deregulated nature of the petrol market, giving refineries the freedom to negotiate prices with marketers.
According to a PREMIUM TIMES report, it was observed the new pricing at NNPC stations in the Central Area of Abuja, where the pump price was adjusted from ₦897 to ₦1,030. A customer, Glory Okoye, commented, “This is funny; I just noticed the change.”
In other areas of the capital city, such as Wuse and Lugbe, prices were also confirmed to have risen to ₦1,030. Meanwhile, in Akute, Ogun State, NNPC outlets were closed, leaving motorists in long queues along the Akute-Alagbole Road.
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