Fuel price has soared to N1,030 per litre at various Nigerian National Petroleum Company Limited (NNPCL) outlets in Abuja, Federal Capital Territory, FCT on Wednesday, 9th of October, 2024.
The sharp increase follows NNPC’s recent decision to terminate its exclusive purchase agreement with Dangote Refinery.
With the termination of the agreement, NNPC is no longer the sole off-taker of products from the refinery, allowing independent marketers to negotiate fuel prices directly with Dangote Refinery.
This shift has contributed to the current price hike as market forces now play a larger role in determining prices.
The development has caused concern among consumers, who are already grappling with rising living costs. [CONTINUE READING HERE]>>>>
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