Reports indicates that NNPC Limited has raised the price of petrol to N855 at its Lagos and Abuja filling stations as fuel scarcity persists.
Petroleumprice reporters on Tuesday morning observed that several NNPC retail stations in Lagos are now selling PMS between N865 and N897 per litre, up from the previous N568 per litre.
This price hike follows NNPC’s recent acknowledgment of its $6 billion debt to international oil traders, which has severely hampered its ability to supply fuel to local marketers.
Over the past few weeks, fuel queues have reappeared in major Nigerian cities, leaving citizens struggling to access petrol.
“NNPC Ltd. acknowledges recent reports regarding the company’s significant debt to petrol suppliers. This financial strain is putting immense pressure on the company and threatens the sustainability of fuel supply,” an NNPC official, Soneye, stated.
Soneye added, “In line with the Petroleum Industry Act (PIA), NNPC Ltd. remains committed to ensuring national energy security as the supplier of last resort. We are working with government agencies and other stakeholders to maintain a steady supply of petroleum products across the country.”
The fuel shortage and hike in petrol price has notably affected cities like Abuja, Lagos, and Kaduna, with long queues at the few stations still selling petrol.
Meanwhile, NNPC has denied owing a $6.8 billion fuel subsidy debt to oil traders, a claim that some believe is contributing to the current supply challenges.
Our reporters observed unusually empty roads in cities such as Abuja, Benin, and Lagos, as motorists were unable to find petrol. Many NNPC stations remain closed, with motorists waiting outside in the hope they will reopen.
On Monday, petrol prices ranged from N840 to N1,000 at various locations across Nigeria.
