NNPC Increases Fuel Price, Sells Pump at N1,030 Across Outlets

Petrol pump price has risen to N1,030 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPCL) in Abuja on Wednesday.

The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.

The company had on Monday announced an end to 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.

Investors King had reported on Tuesday that oil marketers accused Dangote Refinery of ignoring its call for lifting of petrol.

However, checks on Wednesday at NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, showed that the price of the Premium Motor Spirit had been adjusted upward with the pump price of petroleum hitting N1,030.

Customers at the station also confirmed that the price of fuel was changed from N897 to N1,030.

At several other outlets in the Wuse, Lugbe area of the capital city, the pump price equally jumped to N1,030 as motorists and commuters grumbled amid the uncertainty.