The price of petrol at Nigerian National Petroleum Company Limited (NNPC Ltd) outlets in Abuja increased to N1,030 per litre on Wednesday.
The development follows the termination of NNPC’s exclusive purchase agreement with Dangote Refinery.
Earlier reports indicated that NNPC Ltd would no longer be the sole buyer of petrol from Dangote Refinery.
This opens the market for other marketers to purchase directly from the refinery, allowing for a “willing buyer, willing seller” pricing model.
This adjustment aligns with the full deregulation practices currently in place for petroleum products in Nigeria.
Bellnews observed the price adjustment at several NNPC outlets across Abuja, including those in the Central area, where a customer, Glory Okoye, expressed disbelief: “This is funny; I just noticed that the pump price has changed from N897 to N1,030.”
Similar price hikes were reported in Wuse and Lugbe, leaving motorists and commuters frustrated.
In Akute, Ogun State, long queues formed at NNPC stations, which had abruptly shut down, citing technical issues.
An attendant explained the halt in service was due to waiting on a directive regarding the new prices.
This price jump follows NNPC’s September claim of purchasing petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre—bearing a subsidy of N133 per litre.
However, NNPC has stated that the arrangement is no longer sustainable, leading to the current price hikes as the market adjusts to new dynamics.