Emmanuel Addeh in Abuja
In a significant move, the Nigerian National Petroleum Company Limited (NNPC) announced on Wednesday that it has raised the official pump price at its retail outlets in Abuja to N1,030 per litre, up from N897 as previously stated on September 3.
This latest price hike marks a staggering increase of over 430 percent in fuel costs since the current administration assumed power on May 29, just a little over 17 months ago. Last month, the national oil company had already raised the price of petrol from an earlier official rate of N617 per litre to N897.
The recent adjustment comes shortly after the NNPC cited substantial financial constraints due to an enormous debt of approximately $6.8 billion owed to international suppliers.
Reports from THISDAY indicate that many of NNPC’s filling stations in Abuja have already updated their prices to align with the new benchmark. However, independent filling stations are likely to charge even higher rates. While the NNPC typically refrains from issuing public statements regarding fuel price increases, they do communicate adjustments to depot owners ahead of any official price review.
During visits to several NNPC stations, including the Mega station at Zone 1 and the Mabushi station, THISDAY confirmed that the pumps have been recalibrated to display the new prices.
In a recent development, the NNPC also terminated its exclusive purchasing agreement with Dangote Refinery, a decision described as reluctantly accepted in the past. This shift has opened the door for other marketers to purchase petrol directly from the refinery.
On Tuesday, addressing a different issue, Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), acknowledged the full deregulation of the oil and gas sector. He emphasized that market forces will now dictate prices, stating, “The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining. We encourage companies, including NNPC, to operate independently, following global best practices, while we provide strategic guidance without directly intervening in the operations of these companies.”
