Nigerians were met with an unpleasant surprise on Tuesday as the pump price of petrol skyrocketed from around N600 to N855 per litre at Nigerian National Petroleum Company Limited (NNPC) retail outlets. This sudden price hike has sparked concerns and frustrations across the country.... CLICK TO READ THE FULL NEWS HERE▶▶
Sources revealed that a directive was issued to NNPC retail outlets, instructing them to increase the pump price of Premium Motor Spirit (PMS). The directive reportedly came from NNPC Retail Management, which approved the upward adjustment, further straining the pockets of Nigerians who are already grappling with economic challenges.
This price surge comes just two days after NNPC publicly acknowledged difficulties in fuel importation, citing an $8 billion debt as a significant obstacle. The financial strain on the company has evidently led to the adjustment, affecting both consumers and the broader economy.
When contacted for comments on the issue, NNPC spokesperson Olufemi Soneye declined to provide any statement. After our correspondent shared information about the circulating directive and reports of increased prices at NNPC stations, Soneye responded, “Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will inform you.”
Further investigation revealed that depot operators had added N250 to the pump price, and some major marketers have already adjusted their prices to as high as N860 per litre. The steep rise has fueled concerns that petrol prices could approach N1,000 per litre in the coming days, a possibility previously reported by The PUNCH.
