Filling stations operated by the Nigerian National Petroleum Corporation Limited (NNPCL) have raised the pump price of fuel, with significant increases seen across major cities.
In Abuja, the capital, the price has surged from N897 to N1,030 per litre. A Daily Trust correspondent observed long queues at an NNPC outlet in Maitama, where motorists waited to refuel amidst complaints about the price hike. At another station in Gudu, Abuja, motorists were also seen waiting, with an attendant explaining that sales had been paused until the pumps could be adjusted. When asked about the new price, the attendant confirmed, “N1,030 per litre.”
Similarly, in Lagos, the price has risen from N885 to N998 per litre, leading to long queues at filling stations.
This development comes just 24 hours after Daily Trust reported a likely increase in pump prices due to NNPCL’s exit as the middleman in the Dangote Refinery’s fuel purchase deals. This marks a significant shift towards full deregulation of the oil sector, as the national oil company will no longer absorb the N133 per litre subsidy that previously covered the gap between the refinery’s price and what retailers paid.
Going forward, fuel marketers will negotiate prices directly with the Dangote Refinery under a “willing buyer, willing seller” model, similar to arrangements for deregulated products like diesel and kerosene.
In September, Dangote Industries Vice President Devakumar Edwin announced that the 650,000 barrels-per-day refinery had begun processing petrol, initially with NNPCL as the sole off-taker. However, the recent shift allows independent marketers to purchase fuel directly from the refinery.
“We can no longer continue to bear that burden,” an NNPCL official told Premium Times, citing the financial strain of the subsidy system.
