The Nigerian National Petroleum Corporation (NNPC) has sparked controversy with its latest decision to increase fuel pump prices to ₦1,030 per liter at all its filling stations in the Federal Capital Territory (FCT). This move comes after NNPC terminated its exclusive purchase agreement with Dangote Refinery.
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The new price represents a significant rise from the previous rate of ₦950.22, leaving many Abuja residents reeling. Oil marketers had predicted price fluctuations at filling stations, ranging from ₦950 to ₦1,200 per liter, depending on location.
NNPC had secured petrol from Dangote Refinery at ₦898 per liter and set the Lagos pump price at ₦950.22 per liter just last September. The sudden termination of the agreement has raised eyebrows, with many questioning the corporation's motives.
Abuja residents have expressed mixed reactions to the price hike:
"It's unacceptable; how can we survive with this increase?" - Emmanuel, civil servant
"This is a clear case of insensitivity; NNPC should reconsider." - Aisha, business owner
"The termination of the agreement with Dangote Refinery will lead to increased fuel prices," says energy expert, Dr. Ibrahim.
"NNPC's decision may worsen the economic situation, affecting the common man." - Economic analyst, Mr. Oyedele
As Abuja residents grapple with the implications of NNPC's decision, one thing is clear: the fuel price hike will have far-reaching consequences. Will NNPC reconsider its stance, or will Nigerians continue to bear the brunt of rising fuel costs?
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