FUEL PRICE SHOCKWAVE HITS NIGERIANS: WHAT YOU NEED TO KNOW
The Nigerian National Petroleum Corporation Limited (NNPCL) has announced a sharp hike in fuel prices, with petrol now selling at ₦1,030 per litre in Abuja and ₦998 per litre in Lagos. This marks a significant shift, as NNPCL steps away from its intermediary role in fuel distribution, allowing direct sales from the Dangote Refinery. The deregulation of the market is meant to promote competitive pricing, but it has sparked concerns over the rising cost of living. Long queues have formed at fuel stations, as consumers rush to adjust to the new prices. Independent fuel marketers will now negotiate prices directly with the refinery, reflecting a market-driven pricing system. The Dangote Refinery, which recently commenced operations, is expected to become a major supplier, but the current price surge highlights the challenges faced by Nigerians, particularly in urban centers like Abuja and Lagos. The government’s move to fully deregulate the oil sector is part of bro
