NNPC increases petrol price to ₦1,030/litre

The Nigerian National Petroleum Company Limited (NNPC) has raised petrol prices in Abuja by 14.8%, with the new price set at ₦1,030 per litre, up from ₦897.

This is the second increase within a month, as September saw prices jump from ₦615 to ₦897 per litre.

During a recent visit to the NNPC mega station in Abuja, a Vanguard reporter observed frustration among drivers, who shared concerns about the economic toll of these frequent price hikes.

“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,” a taxi driver, Usman Abah lamented.

This price adjustment follows NNPC’s decision to end its exclusive purchase agreement with Dangote Refinery. As of Monday, the termination allows other marketers to source petrol directly from the refinery.

With this shift, NNPC is no longer the sole off-taker, allowing marketers to set their own prices through direct negotiations with Dangote Refinery.

This change reflects a push towards fully deregulated market practices, enabling refineries to sell on a “willing buyer, willing seller” basis.