The Petrol pump price on Wednesday rose to N1,030 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Abuja.
The increment in the pump price is suspected to have been as a result of the NNPC decision to terminate its exclusive purchase agreement with Dangote Refinery.
Trustbase news on Monday, reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) is ending its exclusive purchase agreement with Dangote Refinery, and opening up the market for other marketers to buy petrol directly from the refinery.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
According to PREMIUM TIMES reports on Wednesday morning, NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.
At the station, a customer said: “This is funny; I just noticed that the pump price has changed from N897 to N1,030.”
At several other outlets in the Wuse, Lugbe area of the capital city, it confirmed that the pump price equally jumped to N1,030 as motorists and commuters grumbled amid the uncertainty.
A motorist also stated that other NNPC outlets who sold petrol in the early hours of Wednesday had dropped midway, claiming that one of its generating sets was faulty.
“But attendants said they are waiting for a directive on prices from the top,” a frustrated customer said.
