The Nigerian National Petroleum Company Limited (NNPC) has raised the price of petrol in Abuja to ₦1,030 per litre, reflecting a 14.8% increase from the previous rate of ₦897. This is the second price hike in just one month, following a surge in September when prices jumped from ₦615 to ₦897 per litre.
A visit to the NNPC Retail mega station in Abuja revealed widespread frustration among motorists. Many expressed their disbelief over the latest adjustment, noting the financial strain on Nigerians amidst ongoing economic challenges.
“It’s beyond belief,” lamented taxi driver Usman Abah. “I’ve been in the queue for almost an hour, and I didn’t even know the price had increased. Tinubu isn’t concerned about our suffering.”
The price hike follows NNPC’s decision to end its exclusive purchasing agreement with Dangote Refinery, a move that signals a shift towards deregulation. On Monday, NNPC announced it would no longer be the sole off-taker of petrol from Dangote Refinery, allowing other marketers to buy directly from the facility.
This transition marks a significant change, enabling refineries and marketers to engage in a “willing buyer, willing seller” pricing model. The move reflects a broader strategy aimed at fostering competition and easing NNPC’s control over fuel distribution.