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Petrol pump price rose to N1,030 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Abuja on Wednesday.
The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.
MeridianSpy reports that on Monday, the Nigerian National Petroleum Company Limited (NNPC Ltd) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.
This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
Our reporter observed Wednesday morning that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.
At several other outlets in the Wuse, Lugbe area of the capital city, there is confirmation that the pump price equally jumped to N1,030 as motorists and commuters grumbled amid the uncertainty.
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