NNPC Raises Petrol Price to ₦897 Days After Admitting Huge Debt
The Nigerian National Petroleum Corporation (NNPC) Limited has increased the pump price of petrol from ₦617 per litre to ₦897 per litre, just two days after revealing that it had accumulated significant debt, which some reports estimate to be over $6 billion.
An unconfirmed message circulating on social media claimed that NNPC Retail outlets were informed about the price hike, which represents an increase of over 45 percent.
“Good morning all. This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from ₦617/litre to ₦897/litre effective today, 3rd September 2024,” the message read.
Despite the widespread implementation of the new price at NNPC Retail stations, Vanguard reported that the company’s Chief Communications Officer, Olufemi Soneye, denied being aware of any price increase.
“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,” Soneye stated.
In a related development, Dangote Refinery, which has been anticipated to ease Nigeria’s fuel supply woes, released its first batch of petrol today.
The refinery’s output is expected to reach fuel stations within the next 48 hours, providing a glimmer of hope for Nigerians who have been hit hard by the rising cost of petrol amidst recurring scarcity.
Although it remains unclear how Dangote’s petrol will affect the current price of the commodity in the country, Aliko Dangote, in his press briefing to mark the release of the new product to the market, said that his facility has the “capacity to meet Nigeria’s demand and also meet the demand of Sub-Saharan Africa.”
