The Nigerian National Petroleum Company Limited (NNPC) has raised the petrol price in Abuja by 14.8%, setting it at ₦1,030 per litre, up from ₦897.
This marks the second price increase in less than a month, following a prior hike in September when the price rose from ₦615 to ₦897 per litre.
A Vanguard correspondent who visited an NNPC Retail mega station in Abuja noted that many motorists were taken aback by the latest price change, voicing their frustration amid ongoing economic challenges in the country.
“It’s hard to believe. I’ve been waiting in line for nearly an hour and didn’t realise the price had gone up. Tinubu doesn’t seem to care about our struggles,” lamented taxi driver Usman Abah.
According to reports, this latest increase follows NNPC’s recent decision to terminate its exclusive purchase agreement with Dangote Refinery.
On Monday, NNPC officially announced the end of this agreement, enabling other fuel marketers to purchase petrol directly from the refinery.
As a result, NNPC will no longer be the exclusive buyer, allowing marketers the opportunity to negotiate prices with Dangote Refinery.
This change signifies a shift towards a fully deregulated market, where refineries can engage in transactions with marketers on a “willing buyer, willing seller” basis.
