In a move that has caught many Nigerians by surprise, the Nigerian National Petroleum Corporation (NNPC) Limited has reportedly increased the pump price of petrol from N617 per litre to N897 per litre.
This marks a significant hike of over 45%, adding to the financial burden already faced by consumers.
The increase comes just a day after NNPC raised alarms over its mounting debt, which it revealed has surpassed $6 billion, largely due to the pressures of maintaining fuel subsidies.
Early Tuesday morning, checks at NNPC retail stations in Abuja confirmed the new pricing. However, when contacted for clarification, NNPC’s Chief Communications Officer, Mr. Olufemi Soneye, expressed unawareness of the price adjustment. “I’m not aware of this. Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding,” he stated in a brief WhatsApp response.
Speculation around the price increase had been circulating on social media earlier in the day, with an unverified message suggesting that NNPC Retail Management had approved the new pricing effective from September 3, 2024. The message read: “Good morning all. This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from N617/litre to N897/litre effective today, 3rd September 2024. Please, ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter. Thank you.”
As of now, the NNPC has yet to officially confirm or deny the price increase, leaving many Nigerians in anticipation of an official statement. The development is likely to have far-reaching implications, particularly as the nation grapples with economic challenges and the rising cost of living.
