The Nigerian National Petroleum Corporation Limited has raised the pump price of fuel from N617 per litre to N897 per litre, a significant increase of over 45%.
This change took effect on Tuesday morning, just two days after the company reported that the burden of petrol prices had pushed it into over $6 billion in debt.
The new fuel price was observed at NNPC retail stations in Abuja, where pumps displayed the updated rate according to Vanguard report.
However, NNPC’s Chief Communications Officer, Mr. Olufemi Soneye, stated he was unaware of any price hike.
“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
Before the official confirmation, an unverified message had been circulating on social media, suggesting that NNPC had approved a new fuel price of N897 per litre.
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 N617/litre to N897/litre effective today, 3rd September 2024. Please, ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter. Thank you.”
The increase has sparked concerns among citizens who are already grappling with high living costs and fuel expenses.
Further details and official confirmation from NNPC are awaited as the public reacts to the unexpected price hike.
