Reports indicate that the price of petrol has surged to N1,030 per litre at various Nigerian National Petroleum Company Limited (NNPC) outlets in Abuja as of Wednesday, according to Premium Times.
This price increase follows NNPC’s recent decision to terminate its exclusive purchasing agreement with Dangote Refinery. Earlier this week, it was reported that this move would allow other marketers to directly procure petrol from the refinery, effectively ending NNPC’s status as the sole off-taker. As a result, marketers can now negotiate pricing directly with Dangote Refinery, aligning with the practices of a fully deregulated market where refineries sell to marketers on a willing buyer, willing seller basis.
On Wednesday morning, Premium Times observed that NNPC outlets in the Central area of Abuja had adjusted their fuel prices to N1,030. A customer named Glory Okoye remarked, “This is funny; I just noticed that the pump price has changed from N897 to N1,030.” The price hike was similarly confirmed at several other locations in the Wuse and Lugbe areas, where motorists expressed frustration amid the uncertainty.
In Akute, Ogun State, NNPC outlets were reported to be closed, resulting in long queues of motorists along the Akute-Alagbole Road. One motorist shared that petrol was available during the early hours of Wednesday but was abruptly halted due to a malfunction with one of the generating sets. Frustrated customers noted that attendants mentioned they were awaiting further instructions regarding pricing from higher management