“NNPC Pumps Up Petrol Prices: Now ₦855 Per Liter!”

Babatunji Wusu –

The Nigeria National Petroleum Company Limited (NNPCL) has raised the petrol pump price at its Lagos filling stations to ₦855 per liter. This adjustment comes just two days after the company reported severe challenges due to its sole reliance on importing refined petrol.

On Sunday, NNPC disclosed that it is struggling to meet its financial obligations to International Oil Companies (IOCs), with an outstanding debt of approximately $6 billion. Despite these financial strains, NNPC reported a profit of ₦3.3 trillion for the 2023 financial year.

In response to recent media reports highlighting its substantial debt to fuel suppliers, NNPC acknowledged the financial pressure and its impact on fuel supply stability. The company reassured the public of its commitment to maintaining national energy security as stipulated by the Petroleum Industry Act (PIA). NNPC emphasized its ongoing collaboration with government agencies and other stakeholders to ensure a steady supply of petroleum products across the country.

In a video shared by Nollywood actress and activist Kate Henshaw, she expressed frustration after her driver encountered a price hike of over ₦200 at an NNPC filling station. Henshaw took to X (formerly Twitter) to share her dismay: “NNPC has adjusted their pump price now!! My driver just informed me that they stopped selling at Mobil to adjust the pump price. This video confirms it all!”