By Kazeem Abdulateef and Mutiat Olarewaju
The price of petrol surged to N1,045 per liter at various Nigerian National Petroleum Company Limited (NNPC Ltd) stations in Ilorin on Wednesday.
This hike follows NNPC’s decision to end its exclusive purchasing deal with Dangote Refinery.
Earlier this week, NNPC Ltd announced it would be discontinuing its exclusive agreement with the Dangote Refinery, which previously allowed NNPC to be the sole buyer of petrol from the facility. With this change, other fuel marketers are now free to purchase directly from Dangote Refinery and negotiate their prices.
This shift reflects the new market dynamics under full deregulation, where refineries sell to marketers based on a willing buyer, willing seller arrangement.
National pilot observed on Wednesday that NNPC Ltd outlets in the central area of Ilorin, the capital city of Ilorin, adjusted the pump price of petroleum to N1,030 from N897.
A motorist, Tajudeen Alowonle, who spoke to National pilot, said: ” This is bad, from N897 to #1,030, but we thank God that are still getting it without much stress”
This new development from the NNPC has also made other independent fuel stations in the Ilorin metropolis jerk up their pump price from N1,050 to N1100 and N1150.
