NNPC Fuel Price Soars to N1,030 as Exclusive Deal with Dangote Refinery Ends

Fuel prices at Nigerian National Petroleum Company (NNPC) outlets have jumped to N1,030 per liter, following the end of an exclusive supply agreement between NNPC Limited and Dangote Refinery. This significant shift marks the beginning of a more open fuel market, allowing other marketers to directly purchase petrol from the refinery under a “willing buyer, willing seller” system.

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On Wednesday, fuel price changes were observed at NNPC stations in Abuja, where customers like Glory Okoye expressed concerns over the steep rise from N897 to N1,030 per liter. Similar price hikes were reported across Wuse and Lugbe areas, sparking frustration among motorists.

In Ogun State’s Akute area, NNPC stations were closed, leaving motorists stranded in long queues. A customer revealed that the outlets had sold fuel earlier in the day but later halted operations, citing a technical issue and awaiting updated pricing instructions.

Previously, NNPC acquired petrol from Dangote Refinery at N898.78 per liter and sold it to marketers at N765.99 per liter, while covering a subsidy of about N133 per liter. However, NNPC has recently declared this subsidy model unsustainable, as they lifted approximately 103 million liters of petrol from the refinery between September 15 and 30.