Days after revealing that its debt had surged to over $6 billion due to the burden of petrol prices, the Nigerian National Petroleum Corporation (NNPC) Limited on Tuesday morning increased the pump price of fuel from ₦617 per litre to ₦897 per litre. This represents a hike of over 45%, according to a report by Vanguard.
Checks conducted at NNPC retail stations in Abuja confirmed the new price adjustment.
When contacted by the newspaper, NNPC’s Chief Communications Officer, Mr. Olufemi Soneye, expressed surprise at the news, 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.
Prior to the official confirmation, an unconfirmed message had been circulating on social media, indicating the impending price hike.
The message read: “Good morning all. This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from ₦617/litre to ₦897/litre effective today, 3rd September 2024. Please, ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of ₦897/litre. Thank you.”
This sudden increase comes amid growing economic challenges and mounting debt for NNPC, which has struggled with the financial burden of sustaining petrol prices in the face of rising global oil costs.
The price hike is likely to exacerbate the economic hardship faced by Nigerians, who are already grappling with inflation and a high cost of living.