By: Chioma Madonna Ndukwu
The Nigerian National Petroleum Corporation Limited (NNPCL) has increased fuel prices, now set at N1,030 per litre in Abuja, up from N897, and N998 in Lagos, rising from N885. Long queues formed at NNPC stations as motorists rushed to refuel.
An attendant at the Gudu station confirmed the new price, stating, “We are still waiting for the meter to be adjusted to reflect the current price.” This change follows reports of a potential price hike linked to NNPCL’s exit as a middleman in transactions with Dangote Refinery.
A source noted, “This move signifies a shift towards a fully deregulated oil market,” emphasizing the importance of direct negotiations between marketers and the refinery. The new pricing structure aims to alleviate the financial burden of the subsidy system.
Source: TG News
