NNPCL Stations Hike Petrol Price to N1,030 in FCT

Transportation costs are set to skyrocket in the Federal Capital Territory following the hike in the price of petrol by some stations of the Nigerian National Petroleum Company Limited in Abuja on Wednesday. The national oil company’s stations have raised the retail price of petrol to N1,030 from N897 per litre, representing a 14.8% or N133 rise. This is the second price increase within a month.

At the NNPCL mega station in Central Area, customers were sold petrol at N1,030. However, the station did not display its prices on either the signboard or the pump meter, leaving customers unaware of the cost of fuel until informed by fuel attendants. One customer expressed frustration, saying, “I am very angry right now. I entered this station thinking their price would be better. It was only after I had wasted time in the queue that I was informed by the fuel attendant that the price had risen to N1,030.”

In contrast, independent marketers’ stations, including Conoil and Total Energies, sold petrol at N926, albeit with long queues. The price hike follows NNPC’s decision to end its exclusive purchase agreement with Dangote Refinery. This change allows independent marketers to negotiate prices directly with Dangote Refinery, aligning with fully deregulated market practices.

NNPC’s previous arrangement with Dangote Refinery had become unsustainable due to rising costs. In September, NNPC purchased petrol from Dangote Refinery at N898.78 per litre and sold it to marketers at N765.99 per litre, incurring a subsidy of almost N133 per litre. The termination of the exclusive deal is expected to impact the fuel market dynamics significantly.