The Nigerian National Petroleum Corporation (NNPC) Limited has increased the price of petrol from N617 to N897 per litre, citing financial pressures due to a $6.8 billion debt owed to international suppliers. This 45% hike took effect on September 3, 2024, and has already been implemented at NNPC retail stations in Abuja, while independent stations are selling petrol for as high as N950 per litre.
Although NNPC’s Chief Communications Officer, Olufemi Soneye, claimed no knowledge of the price adjustment, an internal message from NNPC Retail Management confirmed the new pricing directive, urging all fuel stations to update their pump prices accordingly.
The price increase has sparked concerns among Nigerians struggling with rising living costs, as NNPC battles severe financial constraints and debt obligations that have significantly impacted the country’s fuel supply chain.
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