Shocking! Filling stations now sell cheaper petrol compared to NNPC

• Some gas stations in Abuja, the capital of the country, are selling gasoline for less money than the NNPC
• This represents a shift in the fuel market dynamics in the country in light of the recent upward revision of fuel pump pricing
• This is coming after the NNPC's decision to end its exclusive purchasing agreement with Dangote Refinery led to this

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Some filling stations in the nation's capital, Abuja, are currently selling petrol cheaper than those of the Nigerian National Petroleum Company Limited (NNPC Ltd), signifying a change in the dynamics of the nation's fuel market amid the upward review of fuel pump prices on Wednesday, October 9th.

A number of filling stations in the nation's capital, Abuja, are currently selling petrol cheaper than the NNPC. Photo Credit: Bloomberg/Contributor
Source: UGC

Earlier, Legit.ng reported that some NNPC Ltd locations in Lagos and Abuja were charging N998 and N1,030 per litre, respectively, for gasoline.

This occured after NNPC decided to end its exclusive buying contract with Dangote Refinery.

In a recent report, however, PREMIUM TIMES reported that filling stations in Abuja were selling petrol lower than NNPC’s price on Thursday, 10th 2024.

The product was being offered for N1,025 per litre at the Ahmadu Bello Way at Banex junction NIPCO fueling station as of 8.38 am.

The price of a litre from Mobil filling stations situated on Ahmadu Bello Way in Mabushi and Obafemi Awolowo Way in Utako was is N1,025.

The product was also offered at N1,025 per litre at the NIPCO and Mobil gas stations, both of which were situated along Airport Road.

However, the product was sold for N1,080 by Total Energies, which is situated at Sultan Abubakar Way, Zone 3.

Eterna filling station at Obafemi Awolowo Way, Utako, sold at N1,120. Shafa filling station, located along Airport road Lugbe, sold at N1,050.

On Wednesday morning, petrol was sold for N1,100 at the DanMarna fuelling station, which is located in Lugbe, Abuja.

Dangote begin new crude supply deal

Legit.ng reported that the Nigerian National Petroleum Company Limited is expected to supply the Dangote Petroleum Refinery with crude oil in naira for a period of six months, subject to a follow-up assessment by the technical sub-committee on domestic sales of crude oil in local currency.

The first phase of the naira-for-crude contract is expected to last six months, as multiple sources from the committee and the Dangote refinery revealed on Monday, October 7, 2024.

This is as crude oil is priced in dollars and is considered an international product.

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Source: Legit.ng