Fuel Prices Surge: NNPC Ends Contract with Dangote

Fuel prices in Nigeria are skyrocketing as they surpass the N1,000 per litre mark in major cities like Abuja and Lagos following the Nigerian National Petroleum Company's (NNPC) decision to terminate its exclusive contract with the Dangote Refinery. This significant change has resulted in prices hitting N1,030 per litre in Abuja and about N998 in Lagos, igniting widespread public discontent. The discussion dives into the implications of this contract cancellation for independent petroleum marketers, the potential for supply challenges, and the overall impact on the economy. Experts Ukadike Chinedu from the Independent Petroleum Marketers Association of Nigeria and development economist Nnamaeka Obianraeri provide critical insights on how these developments could affect fuel availability, inflation, and the daily lives of Nigerians. They will also address the promise and risks of a competitive market in the context of rising fuel prices.
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