The Nigerian National Petroleum Company Limited (NNPC) has announced a 14.8% increase in petrol prices in Abuja, raising the cost from ₦897 to ₦1,030 per litre. This change marks the second price hike within a month, following a rise in September when prices jumped from ₦615 to ₦897 per litre.
During a recent visit to an NNPC mega station in Abuja, a Vanguard reporter observed the frustration among drivers, many of whom expressed concerns about the economic impact of these ongoing increases. Taxi driver Usman Abah voiced his disbelief, stating, “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.”
This latest adjustment follows NNPC’s decision to end its exclusive purchasing agreement with Dangote Refinery, which now allows other marketers to procure petrol directly from the refinery. This shift means that NNPC is no longer the sole off-taker, enabling marketers to negotiate their prices directly with Dangote Refinery.
The development signifies a move towards fully deregulated market practices, allowing refineries to operate on a “willing buyer, willing seller” basis. The recent price hikes are raising concerns about the cost of living and the overall economic burden on citizens.
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