PeakNews Online
The Nigerian National Petroleum Corporation (NNPC) Limited has raised the pump price of petrol from N617 per litre to N897 per litre, reflecting a 45% increase.
This comes just two days after the corporation disclosed that it had accumulated over $6 billion in debt due to the heavy burden of subsidizing fuel prices.
A survey at NNPC retail stations in Abuja confirmed the new price on Tuesday morning, sparking concerns among consumers.
However, when contacted, NNPC’s Chief Communications Officer, Mr. Olufemi Soneye, stated that he was not aware of any such price adjustment. “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,” Soneye responded via WhatsApp.
The new price was first hinted at through a trending message on social media, which stated that NNPC Retail Management had approved the upward revision effective September 3, 2024. The message advised station operators to update their pumps and price boards to reflect the new rate.
This price hike is expected to further strain the financial situation for many Nigerians, who are already grappling with rising living costs.
