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NNPCL raises fuel price to over N1,000 per litre Filling stations operated by the Nigerian National Petroleum Corporation Limited (NNPCL) have significantly increased the pump price of petrol, with prices in Abuja rising from N897 to N1,030 per litre. In Lagos, fuel now sells for N998 per litre, up from N885, as motorists endure long queues across the country. At an NNPC station in Gudu, Abuja, attendants confirmed that the price adjustment was in progress. When asked if the station was out of stock, one attendant clarified that they were waiting for the pump meters to be recalibrated to reflect the new price of N1,030 per litre. This price hike comes just 24 hours after reports surfaced predicting an increase due to NNPCL’s recent decision to exit its role as a middleman in the Dangote Refinery purchase agreement. Previously, NNPCL absorbed a subsidy of N133 per litre, bridging the gap between the refinery's production price and the market selling price. However, with NNPCL stepping away, fuel prices will now reflect a fully deregulated market, where marketers negotiate directly with the Dangote Refinery under a “willing buyer, willing seller” model. This shift marks a major turning point in Nigeria’s oil industry, as the national oil company reduces its involvement in pricing controls. The NNPCL stated that it could no longer sustain the financial burden of covering the price gap, signaling a clear move toward market-driven petrol prices. In September, Dangote Industries confirmed that its 650,000 barrels-per-day refinery had begun processing petrol, with NNPCL initially serving as the sole buyer. However, recent changes allow independent marketers to engage directly with the refinery, further pushing Nigeria toward a deregulated oil market. This development is expected to have broad implications for fuel pricing across the country, potentially leading to more fluctuations in prices as market dynamics take full effect. While the government’s withdrawal from price controls may foster competition among marketers, it also raises concerns over the affordability of fuel for everyday consumers.
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NNPCL raises fuel price to over N1,000 per litre

  • October 11, 2024
  • Admin

Filling stations operated by the Nigerian National Petroleum Corporation Limited (NNPCL) have significantly increased the

Justice I.O. Ijelu of the Lagos State High Court in Ikeja sentenced Abodurin Gerald Abozo to 8 years in prison for land fraud October 2, 2024.
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Man bags 8 years jail term for N62m land fraud

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Justice I.O. Ijelu of the Lagos State High Court in Ikeja sentenced Abodurin Gerald Abozo

Pastor Adeboye addresses critics of Oyedepo’s Rolls Royce
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Pastor Adeboye addresses critics of Oyedepo’s Rolls Royce

  • October 7, 2024
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The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has responded

Naira Strengthens to N1,700 in Parallel Market
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Naira strengthens to N1,700 in parallel market

  • October 3, 2024
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The Naira appreciated to N1,700 per dollar in the parallel market, up from N1,705 on

Like a meteor, Evelyn Joshua crusade lightens Latin America
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Like a meteor, Evelyn Joshua crusade lightens Latin America

  • October 3, 2024
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BY DARE ADEJUMO People of Latin America are eagerly waiting with intense interest, excitement and

Just In: Akwa Ibom First Lady, Patience Umo Eno, has passed away
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Just In: Akwa Ibom First Lady, Patience Umo Eno, has passed away

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Patience Umo Eno, the first lady of Akwa Ibom state, has died after an illness.

Bobrisky Saga: House of rep to prove VeryDarkMan's allegation againt EFCC, NCos
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Bobrisky Saga: House of rep to prove VeryDarkMan’s allegation againt EFCC, NCos

  • September 26, 2024
  • Admin

The house of representatives has resolved to probe the bribery allegations against the EFCC and

NBA seeks investigation into Bobrisky bribery allegation
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NBA seeks investigation into Bobrisky bribery allegation

  • September 26, 2024
  • Admin

The Nigerian Bar Association (NBA) has urgently called on the EFCC to investigate serious allegations

Interior miniter orders investigation into N15m bribery allegations involving Bobrisky, others
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Interior minister orders investigation into N15m bribery allegations involving Bobrisky, others

  • September 26, 2024
  • Admin

The Minister of Interior, Olubunmi Tunji-Ojo, has ordered a thorough investigation into allegations of bribery

Cabinet reshuffle eminent - Presidency
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Cabinet reshuffle eminent – Presidency

  • September 26, 2024
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President Bola Ahmed Tinubu has expressed his readiness to reshuffle his cabinet. The President has

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