Newnaija ![The NNPCL recently disclosed that it had accumulated a staggering $6 billion in debt, adding further pressure to the already strained fuel market. [Getty Images]](https://news.newnaija.com.ng/wp-content/uploads/2024/10/2e46243586c943abca58954efec77ccd.jpg)
These hikes have led to long queues at filling stations across these cities, adding pressure on consumers already affected by the cost of living.
The Nigerian National Petroleum Company Limited (NNPCL) has once again raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to a record ₦1,030 per litre at several of its Abuja outlets.
This price increase follows Pulse Nigeria‘s earlier report of NNPCL’s decision to terminate its exclusive purchasing agreement with Dangote Refinery. The termination of the exclusive deal now allows marketers to negotiate prices directly with Dangote Refinery, which has previously been NNPCL’s sole supplier.
An NNPCL representative stated, “Ending the exclusive agreement provides more flexibility for independent marketers and could help stabilise supply in the long term.”
Fuel prices in the Federal Capital Territory (FCT) have soared from ₦897 per litre, while in Lagos, the previous price of ₦885 has now risen to ₦998 per litre.
READ ALSO: Marketers decry potential monopoly as Dangote clears NNPC sole buyer of fuel
These hikes have led to long queues at filling stations across these cities, adding pressure on consumers already affected by the cost of living.
The price adjustment recently marks one of the highest pump prices, sparking public frustration.
Residents in both Abuja and Lagos have voiced concerns over affordability and the potential ripple effects on transportation and food prices.
