The Nigerian National Petroleum Company Limited, (NNPCL), has raised its pump price of petrol in Abuja by 14.8 percent, to N1,030 per litre from N897.
The latest price increase makes it the second time the petrol price has been hiked in the past month.
Recall that the company had in September increased pump price from N615 per litre to N897.
The price hike follows the NNPCLs decision to terminate its exclusive purchasing agreement with Dangote Refinery. As a result, the NNPC will no longer act as the sole off-taker for petrol, allowing other marketers to negotiate prices directly with ?angote Refinery.
This increase in the price of petrol, which came yesterday, was noticed at the pumps at all NNPCL depots in Lagos and Abuja, the nation’s capital.
The product, which previously sold for N897 in Abuja, the nations capital, currently sells for N1,030. In Maitama observed how motorists were observed as they queued up to purchase the product amid complaints.
Checks revealed that many filling stations have adjusted their pump price of petrol to an average of N1,200 per liter. However, according to reports, Independent oil marketers adjusted the pump price of petrol in the Federal Capital Territory (FCT) to reflect the price at which they bought the product from ?angote Refinery.
Recall that the national oil company had on September 3, 2024 raised the price of petrol from N568, which was the lowest in Lagos, and N617 in some other parts of the country, to a minimum of N855, obtainable in Lagos.
