By Oyeniran Anuoluwapo
The Nigerian National Petroleum Corporation Limited (NNPCL) has increased fuel prices at its filling stations nationwide, sparking long queues and complaints from motorists.
In Abuja, the price has jumped from ₦897 to ₦1,030 per litre, while in Lagos, it has risen from ₦885 to ₦998 per litre. An attendant at the Gudu station confirmed the new price, citing awaiting metre adjustments.
NNPCL’s decision comes after its exit from the Dangote Refinery purchase deal, which previously allowed the national oil company to absorb a subsidy of ₦133 per litre. The shift towards a fully deregulated oil market enables marketers to negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement.
This move marks a significant step towards deregulation, allowing independent marketers to engage directly with the Dangote Refinery. NNPCL cited financial strain as the reason for exiting the subsidy system.
The Nigeria Labour Congress (NLC) has demanded a reversal of the price hike, while the Federal Government has denied responsibility for the increase. The move has sparked concerns over the impact on Nigeria’s economy and consumers.
