Business
NNPC hikes petrol price by 15% to N1,030/litre in Abuja and N998/ litre in Lagos.
The Nigerian National Petroleum Company Limited has raised the pump price of petrol.
In Abuja, fuel price was increased by 14.8 per cent to N1,030 per litre from the previous N897.
In Lagos, the pump price is now ₦998 per litre.
The latest price increase makes it the second time the petrol price has been hiked in the past month.
NNPC had in September increased pump price from N615 per litre to N897.
The recent increase has caused NNPC to trend on X as Nigerian express outrage.
The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.
Earlier this week, the Nigerian National Petroleum Company Limited (NNPC Ltd) announced it 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.