By Zailani Mustapha The price of petrol has surged for the second time in three weeks, now retailing at N1,025 per litre at Nigerian Natio...
By Zailani Mustapha
The price of petrol has surged for the second time in three weeks, now retailing at N1,025 per litre at Nigerian National Petroleum Corporation Limited (NNPCL) outlets in Lagos and N1,050 in Abuja.
On October 9, 2024, petrol prices were raised from N897 to N1,030 per litre in Abuja and from N885 to N998 per litre in Lagos.
A Daily Struggle correspondent observed the new prices at an NNPCL station on Arab Road in Kubwa, within the Bwari Area Council. Meanwhile, in Lagos, fuel was sold for N1,025 per litre at an NNPCL station in Ikeja.
Industry sources attributed the rise to NNPCL’s decision to step back as an intermediary in the Dangote Refinery deal, which has led to an end to the company’s previous price subsidy of N133 per litre.
This shift represents a significant move toward a fully deregulated oil market, with NNPCL’s exit enabling independent pricing arrangements.
Under the new "willing buyer, willing seller" model, marketers will negotiate fuel prices directly with the Dangote Refinery, a practice already common with other deregulated products like diesel and kerosene.
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