By Busari Kabirat
The Nigerian National Petroleum Company Limited (NNPCL), had on Wednesday in Abuja, increases the fuel pump price to N1,030 per litre at various outlets.
This decision was due to the company to terminate its exclusive purchase agreement with Dangote Refinery and allowing other marketers to purchase petrol directly from them.
The agreement which was terminated earlier on Monday, between Dangote refinery and the NNPCL, will make marketers now free to negotiate prices directly with individuals, as a result of this, NNPCL is no longer the sole off-taker.
This current practice of fully deregulated products, will enable refineries to sell directly to marketers on a “willing buyer, willing seller” basis, and marketers will now be free to negotiate prices directly with Dangote Refinery.
