NNPC Fuel Price Increases N1,030 per liter

NNPC Fuel Price Increases N1,030 per liter

Fuel prices at NNPC outlets have surged to N1,030 per liter, following the Nigerian National Petroleum Company Limited’s (NNPC Ltd) decision to end its exclusive purchase agreement with Dangote Refinery. This change opens up the market, allowing other marketers to buy petrol directly from the refinery, aligning with the “willing buyer, willing seller” model for deregulated products.

On Wednesday, PREMIUM TIMES observed the price adjustment at NNPC stations in Abuja, where customers, like Glory Okoye, noted the increase from N897 to N1,030. Similar price hikes were reported at outlets across the Wuse and Lugbe areas, prompting complaints from motorists.

In Akute, Ogun State, NNPC outlets were closed, leaving a long queue of waiting motorists. One customer mentioned that the stations had sold fuel earlier in the day but stopped, citing a technical issue and awaiting pricing directives.

Previously, NNPC purchased petrol from Dangote Refinery at N898.78 per liter, selling it to marketers at N765.99 per liter while covering a subsidy of nearly N133 per liter. However, NNPC has stated that this subsidy is unsustainable, having lifted about 103 million liters of petrol from the refinery between September 15 and 30.