The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased petrol price to N1,030 per litre at various outlets across the country.
The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.
Recall it was reported that the NNPCL is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
On Wednesday morning, NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.
At the station, Glory Okoye, a customer who spoke to PREMIUM TIMES, said: “This is funny; I just noticed that the pump price has changed from N897 to N1,030.”
At several other outlets in the Wuse, Lugbe area of the capital city, this newspaper confirmed that the pump price equally jumped to N1,030 as motorists and commuters grumbled amid the uncertainty.
In Akute, Ogun State, it was observed that the NNPC outlets were shut against motorists who formed a long queue along the Akute-Alagbole Road.
The NNPC had claimed in September that it was buying petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre, shouldering a subsidy of almost N133 per litre. However, the company said this arrangement is no longer sustainable.
The NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.
