The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol from ₦568 to ₦897 per litre amid ongoing fuel scarcity and a national crisis.
This price increase follows reports that the NNPCL owes over $6 billion to its suppliers.
A quick tour of the NNPCL’s outlets in Abuja and Lagos confirmed the new pricing on Tuesday. In Abuja, the pump price was adjusted to ₦897 per litre, while the NNPCL station on Awolowo Road in Lagos increased the price to ₦855 per litre.
Other fuel marketers have also raised their prices following NNPCL’s adjustment, with increases of over 30%, bringing the price to around ₦897 per litre.
Earlier reports indicated a hike in the ex-depot price to ₦754 per litre. Speculation suggests that the price was increased to reflect global market prices and to help alleviate NNPCL’s debt burden.
However, NNPC spokesperson Femi Soneye denied any price adjustments, insisting that the old prices remain unchanged.
The Federal Government also denied reports that it had directed NNPCL to set fuel prices at ₦1,000 per litre.
“The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” said a tuesady statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri.