The decision of the Nigerian National Petroleum Company (NNPC) to end its exclusive purchasing agreement with Dangote Refinery brought a little relief to many people.
To them, now that the middleman is finally out of the way, perhaps the issue of fuel scarcity and high cost of the product.
Little did they know that they had just moved from frypan to fire.
It all began on Monday.
That day, the NNPC announced the termination of this deal, paving the way for other marketers to buy petrol directly from the refinery.
NNPC/Dongote Deal
Consequently, NNPC will no longer act as the sole off-taker.
This change reflects a move towards fully deregulated practices, allowing refineries to engage with marketers on a “willing buyer, willing seller” basis.
This report sparked excitement in many, especially after news of a drop in petrol price in Abia began to filter in.
Also Read: Petrol To CNG ‘Convert Now, Pay Later’ Portal: What Vehicle Owners Must Know
Now, the NNPC has announced a 14.8% hike in the price of petrol in Abuja, raising it to ₦1,030 per litre from ₦897.
The Second Increase
This marks the second petrol price increase within the past month, following a previous rise in September, when the price surged from ₦615 to ₦897 per litre.
A journalist who visited the NNPC Retail mega station in Abuja, reports that motorists were shocked and frustrated over the latest price adjustment.
“It’s beyond belief. I have been in the queue for almost an hour and I didn’t know they had increased the price. Tinubu is not concerned about our suffering,” a taxi driver, Usman Abah lamented.
