NNPC Petrol Price Surges to ₦1,030 Following End of Exclusive Off-taker Role
Nigerians woke up on Wednesday, October 9, to an increase in petrol prices at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd).
Neusroom can confirm that while the price previously sold for around ₦887, outlets in Lagos and Abuja have increased their prices to above ₦1,000.
The recent hikes come a day after NNPC reportedly ended its exclusive purchase agreement with Dangote Refinery, allowing independent marketers to buy petrol directly from the Dangote facility in Lagos.
This development follows a motion by a lawmaker in the House of Representatives, Oboku Oforji (PDP, Bayelsa), aimed at ending NNPC’s monopoly in petrol distribution.
Oforji expressed concerns about the monopoly being created by restricting fuel lifting to only major marketers, warning that independent marketers may resort to imports to sustain their businesses.
“The House is worried that NNPCL and major marketers as exclusive off-takers spells monopoly, which is equivalent to greed. This is the same NNPCL that has failed to manage our crude and refineries for decades,” Oforji noted.
