Fuel Price Hike: N1,200 Per Liter Now Official

Independent oil marketers on Wednesday adjusted the pump price of petrol in the Federal Capital Territory (FCT) to reflect the price at which they bought the product from Dangote Refinery and Petrochemical Company.

Checks revealed that many filling stations have adjusted their pump price of petrol to an average of N1,200 per liter.

The adjustment followed the full deregulation of the downstream sector of the petroleum industry, which allowed the Nigerian National Petroleum Company Ltd to end its exclusive purchase agreement with Dangote Refinery.

This effectively opened up the market for other marketers to buy petrol directly from the refinery.

The implication of this is that the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.

This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers.