Petrol Price Hits N1,030 Per Litre At NNPC Outlets

The price of petrol has reportedly surged to N1,030 per litre at various Nigerian National Petroleum Company Limited (NNPC Ltd) outlets in Abuja on Wednesday.

The Matrix gathered that the hike occurred after NNPC ended its exclusive purchase agreement with Dangote Refinery.

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With this move, NNPC will no longer serve as the sole buyer, allowing marketers to negotiate prices directly with the refinery.

The development mirrors the practices of fully deregulated products, where refineries and marketers engage on a willing buyer, willing seller basis.