Fuel prices in Nigeria have surged to N1,030 per litre at NNPC outlets in Abuja, following the termination of an exclusive purchase agreement with Dangote Refinery. This shift allows other marketers to negotiate prices directly, sparking frustration among motorists amid ongoing economic challenges.
Petrol prices at Nigerian National Petroleum Company Limited (NNPC) outlets in Abuja surged to N1,030 per litre, marking a significant rise from N897. This increase follows NNPC's recent decision to terminate its exclusive purchase agreement with Dangote Refinery, allowing other marketers to negotiate prices directly.
The change aligns with deregulated market practices, enabling refineries to sell directly to marketers on a willing buyer, willing seller basis. Observations made by Premium Times revealed that the price hike was confirmed at several outlets in the Central area of Abuja, sparking frustration among motorists. One customer, Glory Okoye, expressed disbelief at the sudden jump in prices.
In addition, NNPC outlets in Akute, Ogun State, were reported to be shut, causing long queues of frustrated motorists. Some attendants cited equipment failures, while customers were left waiting for new price directives from management. Social media reactions to the price hike reflect a mix of humor and outrage. Many Nigerians lamented the ongoing hardships, stating that the increasing fuel costs contribute to their struggles.
As the country braces for further economic challenges, the government's handling of fuel pricing remains a contentious issue, with many Nigerians voicing their concerns about the rising cost of living. The uncertainty surrounding fuel prices continues to dominate conversations among citizens, highlighting their frustrations with the current economic climate.
Source: Premium Times.
