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 crisis in the country.
Reports of the newly increased petrol price follow NNPCL’s disclosure that it owes its suppliers over $6 billion in debt.
The price adjustment was confirmed in Abuja and Lagos on Tuesday.
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In Abuja, the price was raised to ₦897 per litre, while in Lagos it was reported that the NNPCL station on Awolowo Road increased the price to ₦855 per litre.
Following NNPCL’s price adjustment, other marketers have also raised their prices, with increases of over 30 percent, bringing the cost to around ₦897 per litre.
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Earlier reports indicated an increase in the ex-depot price of petrol to ₦754 per litre.
Speculation suggested that the price was raised to align with global market rates and reduce NNPCL’s debt burden.
However, NNPC spokesperson Femi Soneye denied any price adjustments, insisting that the old price remains unchanged.
The Federal Government also refuted claims that it 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 Tuesday statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri.
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