Fuel price has soared to N1,030 drom N897 per litre at various Nigerian National Petroleum Company Limited (NNPCL) outlets in Abuja on Wednesday.
The increase follows NNPC’s 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.
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