On Wednesday, the price of petrol at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Abuja increased to N1,030 per litre.
This rise in pump price is believed to be linked to the NNPC's decision to terminate its exclusive purchasing agreement with Dangote Refinery.
According to Trustbase news on Monday, the NNPC is concluding its exclusive purchasing arrangement with Dangote Refinery, thereby allowing other marketers to procure petrol directly from the refinery.
As a result, the NNPC will no longer act as the sole off-taker, enabling marketers to negotiate prices directly with Dangote Refinery. This shift is consistent with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
Reports from PREMIUM TIMES on Wednesday morning indicated that NNPC Ltd outlets in the Central area of Abuja had adjusted their petrol price to N1,030.
One customer remarked, “This is surprising; I just noticed that the pump price has changed from N897 to N1,030.”
At several other locations in the Wuse and Lugbe areas of the capital, it was confirmed that the price also surged to N1,030, prompting complaints from motorists and commuters amid the prevailing uncertainty.
A motorist noted that some NNPC outlets that sold petrol earlier on Wednesday had temporarily halted sales, citing a malfunction in one of their generating sets.
“However, attendants mentioned they are awaiting further instructions on pricing from higher management,” expressed a frustrated customer.
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