The Nigerian National Petroleum Company Limited (NNPCL) has once again adjusted the pump price of petrol.
The new price, which took effect on Tuesday, is now ₦897 per litre. This significant increase comes amid persistent fuel shortages and a growing crisis in the country.
The NNPCL’s decision to raise prices is reportedly linked to its mounting debt to suppliers, which is estimated to exceed $6 billion. The company has been struggling to meet its obligations, leading to supply disruptions and fuel scarcity.
Reports from across Nigeria confirm the price hike. While some stations have implemented the full ₦897 price, others have seen more moderate increases. The exact amount varies depending on the location and the specific marketer.
The new pricing reflects a substantial increase from the previous rate of ₦568 per liter. It is believed to be influenced by global market trends and the NNPCL’s efforts to reduce its debt burden.
However, the NNPCL has denied any official price adjustment, claiming that the old price remains in effect. This conflicting information has added to the confusion surrounding the situation.
The Nigerian government has also issued a statement refuting claims that it directed the NNPCL to raise prices to ₦1,000. The government emphasized that the current price is the approved rate.
The latest price hike is expected to have a significant impact on the Nigerian economy, particularly on transportation costs and the general cost of living. It remains to be seen how the government and the NNPCL will address the ongoing fuel crisis and ensure adequate supply to the country.
