The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant increase in the pump price of petrol, raising it from N617 per liter to N897 per liter as of Tuesday.
Reports indicate that several NNPC fuel stations in Lagos have already adjusted their prices, with some now selling petrol at ₦855 per liter.
This development comes just two days after the state-owned oil company revealed that it is struggling with the financial strain of being the sole importer of refined petrol into Nigeria.
In a statement released on Sunday, NNPCL acknowledged the challenges it faces in meeting its financial obligations to International Oil Companies (IOCs). This price hike appears to be a direct response to these pressures.
Observations at NNPC’s retail outlet on Olusegun Obasanjo Way in Abuja confirmed that the new price was implemented by 12:35 PM on Tuesday.
According to The Nation, the station was heavily guarded by armed soldiers, policemen, and other security personnel, likely as a precaution against any potential unrest due to the sudden price increase.
Although the NNPCL has not officially confirmed the price hike, an internal notice reportedly circulated among NNPC Retail Management staff suggests that the decision to increase the pump price was approved.
The unconfirmed notice reads: “PMS PRICE REVIEW Good Morning All, “This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September, 2024.
“Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter.”
This price adjustment has sparked widespread concern among consumers, as the cost of petrol continues to rise amidst economic challenges.
