NaijaOnPoint Nigeria reports that the Nigerian National Petroleum Company Limited (NNPC) has announced a 14.8% hike in the price of petrol in Abuja, raising it to ₦1,030 per litre from ₦897.
This marks the second petrol price increase within the past month, following a previous rise in September, when the price surged from ₦615 to ₦897 per litre.
“It’s beyond belief. I have been in the queue for almost an hour and I didn’t know they had increased the price. Tinubu is not concerned about our suffering,” a taxi driver, Usman Abah lamented.
The recent increase in petrol prices comes on the heels of the Nigerian National Petroleum Company Limited’s (NNPC) decision to end its exclusive purchasing agreement with Dangote Refinery.
On Monday, NNPC announced the termination of this agreement, paving the way for other marketers to buy petrol directly from the refinery.
Consequently, NNPC will no longer act as the sole off-taker, granting marketers the freedom to negotiate prices directly with Dangote Refinery.
This change reflects a move towards fully deregulated practices, allowing refineries to engage with marketers on a “willing buyer, willing seller” basis.