At the heart of Nigerian news is a significant increase in the price of fuel this year 2021. This decision follows the recent report by Pulse Nigeria on the termination of the exclusive purchasing agreement between NNPCL and Dangote Refinery. Indeed, the end of this exclusive agreement now allows distributors to negotiate prices directly with Dangote Refinery, which was until then the sole supplier to NNPCL.
A representative of NNPCL said that the end of the exclusive agreement would provide more flexibility to independent distributors and help stabilize supply in the long term.
As an immediate consequence of this decision, fuel prices jumped in the country’s federal capital from ₦897 to ₦998 per litre, while in Lagos, the price also increased from ₦885 to ₦998 per litre.
The price hike has led to long queues at petrol stations in these cities, increasing pressure on consumers already affected by the cost of living.
This is one of the largest price adjustments at the pump, creating public frustration and fueling concerns about the impact on household purchasing power.
This situation highlights the challenges facing the energy sector in Nigeria, a country where dependence on oil imports has a direct impact on the national economy and the daily lives of citizens.
Ultimately, this increase in fuel prices underscores the need to rethink the country’s energy policy and implement measures to ensure a stable and affordable supply of fuel for all Nigerians.