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NNPCL Raises Petrol Price to N855/Litre in Lagos |
There are strong indications that the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit, commonly known as petrol, across the country.
A video obtained by Daily Trust on Tuesday morning showed that petrol was being sold for N855 per litre at an NNPCL filling station in Ikoyi, Lagos, up from N568.
“N855 o! Latest news. N855, NNPC, Awolowo Road, Ikoyi,” a voice lamented in the background of the 23-second video clip, highlighting the new pump price.
It was reported that a litre of petrol is being sold for as high as N925 at an NNPC station in Port Harcourt, Rivers State.
Other filling stations owned by independent marketers have also raised their prices, with a litre now selling for over N1,000.
Although the NNPCL has not officially confirmed the price hike, it has hinted at a possible increase as the landing cost reportedly surged above N1,000 per litre.
This increase comes just 48 hours after the NNPCL raised concerns about owing importers around $6 billion amidst the worsening fuel supply situation in the country.
After several denials, the national oil company admitted on Sunday that it was facing financial difficulties, with reports indicating that the company owes over $6 billion.
The Nigerian National Petroleum Company (NNPC) Limited is set to become the “initial exclusive buyer” of products from the Dangote Refinery as the 650,000 barrel per day plant begins processing Premium Motor Spirit (PMS), also known as petrol, according to reports.
This development comes amidst the worsening fuel supply in Nigeria, with the NNPCL indicating that the supply gap might worsen due to its indebtedness to importers.
After several denials, the national oil company admitted on Sunday that it was facing financial difficulties, with reports indicating that the company owes over $6 billion.
The NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye, told Daily Trust on Monday that the company had been subsidising petrol by N500 per litre for a year.
“I think the important thing for us on our own part is to let the whole world know that we are in trouble if we continue. NNPC has been paying N500 per litre for every Nigerian that has been buying fuel within the past one year.
“So, the truth of the matter is that Nigerians have been getting cheap fuel because the NNPC is doing something for them. NNPC has been bearing the shortfall and it is now unbearable. The landing cost is N1,100, that shortfall is what we have been bearing,” he said.
He stated that it is up to the owners of the NNPC and the federal government to decide the next course of action.
