The price of petrol at Nigerian National Petroleum Company Limited (NNPC Ltd) outlets in Abuja surged to N1,030 per litre on Wednesday.
This increase follows the termination of NNPC’s exclusive purchasing agreement with Dangote Refinery. Recent reports indicated that NNPC Ltd would no longer serve as the sole buyer of petrol from Dangote Refinery.
This shift now allows other marketers to purchase directly from the refinery, leading to a “willing buyer, willing seller” pricing system.
The price adjustment reflects the full deregulation of petroleum products currently in place across Nigeria.
Premium Times observed the new pricing at several NNPC stations in Abuja, including those in the Central area. A customer, Glory Okoye, expressed surprise: “This is strange; I just noticed the pump price went from N897 to N1,030.”
Similar price hikes were noted in Wuse and Lugbe, causing frustration among motorists and commuters.
In Akute, Ogun State, NNPC stations experienced long queues as they suddenly halted services, citing technical issues.
A station attendant explained the pause was due to awaiting directives on the updated pricing.
This price increase comes after NNPC’s September statement that it was purchasing petrol from Dangote Refinery at N898.78 per litre and selling it to marketers at N765.99 per litre, with a subsidy of N133 per litre.
However, NNPC has stated that continuing the subsidy is unsustainable, leading to the current price hikes as the market adjusts to these new dynamics.
