Citing the non-renewal of its naira-for-crude exchange agreement with the federal government through NNPCL, Dangote Refinery declared that it would no longer be selling gasoline in naira.

The decision resulted in a nationwide increase in the price of gasoline at the majority of private filling stations.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, claims that the government canceled the naira-for-crude exchange agreement due to rumors that imported gasoline would be less expensive than what local refineries sell.

NNPCL petrol stations in the Federal Capital Territory (FCT) continue to sell at ₦880 even though some filling stations have changed their pump prices.

While other big marketers have raised their prices to between ₦930 and ₦980, the NNPC in Lagos has kept its pump price at ₦860, according to the Nation.

Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, discussed the development and stated that NNPCL is accountable for ensuring the nation’s energy security.

Soneye informed the Nation that the NNPCL is required by the Petroleum Industry Act (PIA) to ensure the nation’s energy security.

According to the national oil company’s spokesperson, NNPCL was required by the PIA Act to act as a supplier of last resort in order to guarantee the nation’s energy security.

Security of energy. “NNPC is required by law to be the supplier of last resort,” he continued.

“Not really,” he replied when asked if NNPCL was maintaining the pump price at a loss.