The Nigeria National Petroleum Company Limited (NNPCL) has increased the petrol pump price at its Lagos filling stations to ₦855 per liter.
This price adjustment comes just two days after the state-owned oil company raised concerns about the financial difficulties it faces as the sole importer of refined petrol into the country.
In a statement released on Sunday, NNPCL acknowledged the severe impact these challenges have had on its operations, admitting that it is struggling to meet its financial obligations to International Oil Companies (IOCs). NNPCL reportedly owes IOCs approximately $6 billion. Despite these challenges, the company declared a profit of ₦3.3 trillion in its 2023 financial report.
“NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply,” the statement read.
NNPCL also emphasized its commitment to maintaining national energy security, as mandated by the Petroleum Industry Act (PIA). The company stated that it is working closely with government agencies and other stakeholders to ensure a stable supply of petroleum products across the country.
The price hike was highlighted by Nollywood actress and activist Kate Henshaw, who shared her experience on social media. She revealed that her driver had gone to an NNPC filling station to buy fuel, only to discover an increase in the price by over ₦200.
Taking to her X (formerly Twitter) handle, Kate Henshaw wrote, “NNPC has adjusted their pump price now!! Posted as received just now! My driver just informed me that they stopped selling at Mobil to adjust pump price. This video confirms it all!”
The adjustment in pump prices has sparked concern among consumers, as the nation grapples with the rising cost of living and the ongoing economic challenges.
