BREAKING: NNPC increases fuel price by 15% to N1,030/litre in FCT

The Nigerian National Petroleum Company Limited (NNPCL) has once again increased its petrol price, raising it by 14.8% to N1,030 per litre in Abuja, up from the previous N897.

This marks the second petrol price hike within a month.

The company had initially increased the price in September from N615 to N897 per litre, leaving many already struggling with rising living costs.

During a visit to the NNPC Retail mega station in Abuja, motorists expressed shock and dismay at the unexpected price surge. A visibly frustrated taxi driver, Usman Abah, who had been waiting in line for over an hour, shared his thoughts on the situation: “It’s beyond belief. I had no idea they had increased the price again. Tinubu is not concerned about our suffering.”

This price hike is expected to intensify the economic hardship faced by Nigerians as the cost of living continues to rise.

News360 Nigeria reports that the recent development came after the NNPCL decided to terminate its exclusive purchase agreement with Dangote Refinery.

This means the NNPCL will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.