In a move that has sent shockwaves across the nation, the Nigerian National Petroleum Corporation (NNPC) Limited on Tuesday morning increased the pump price of petrol from N617 per litre to a staggering N897 per litre.
This represents an over 45 percent hike in fuel prices, coming just two days after the corporation disclosed that it was grappling with a debt burden exceeding $6 billion.
Reports from various NNPC retail stations in Abuja confirmed the new price, which has already been implemented at the pumps.
However, when contacted for confirmation, the company’s Chief Communications Officer, Mr. Olufemi Soneye, expressed surprise, stating, “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 responded via WhatsApp.
Speculation about the price hike had already begun circulating on social media, with an unverified message hinting at the adjustment.
The message, which quickly gained traction, 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.”
The increase has sparked widespread concern among Nigerians, who are already grappling with the economic impact of previous hikes in fuel prices.
The move is expected to have a ripple effect on the cost of goods and services across the country, exacerbating the already high cost of living.
The NNPC had recently revealed that its financial struggles were largely due to the rising cost of fuel subsidies, which have drained the corporation’s resources and pushed it into massive debt.
The latest price adjustment is seen by many as an attempt to mitigate these financial pressures, though it remains to be seen how the public and other stakeholders will respond to this significant change.
