Arts and Life
Just in : NNPC Hikes Fuel Pump Price to N897 Per Litre
The Nigerian National Petroleum Company (NNPC) Limited has increased its fuel pump price from N617 per litre to N897 per litre on Tuesday morning.
This is coming just two days after announcing that the rising cost of petrol has pushed it into over $6 billion in debt
It has been confirmed in Abuja that the new fuel price, marked an increase of over 45 per cent .
Mr Olufemi Soneye, Chief Communications Officer of the company when contacted, said that he was unaware of any price increase.
“I’m not aware of this. Thank you for reaching out.
But the NNPCL says it has been subsiding fuel price from the landing cost of N1,100, to make it cheap for Nigerians.
This was stated by the NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye, Monday, saying the company had been subsidizing petrol with N500 per litre for a year
According to the NNPC spokesman, the subsiding rate is becoming unbearable.
The national oil company admitted on Sunday that it was facing financial difficulty with a report indicating that the company is owing over $6bn over the subsidy payment.
He said, “I think the important thing for us on our own part is to let the whole world know that we are in trouble if we continue. NNPC has been paying N500 per litre for every Nigerian that has been buying fuel within the past one year.
“So, the truth of the matter is that Nigerians have been getting cheap fuel because the NNPC is doing something for them. NNPC has been bearing the shortfall and it is now unbearable. The landing cost is N1,100, that shortfall is what we have been bearing.”
This decision has made the NNPCL to increase the pump price of Premium Motor Spirit popularly known as petrol nationwide.
It was learnt that a litre is sold for as high as N925 at NNPC station in Port Harcourt Rivers State.
Other filling stations owned by marketers have also increased the price accordingly, with a litre being sold at over N1,000.
According to report, the company is set to become the “initial exclusive buyer” of products from the Dangote Refinery as the 650,000 barrel per day plant begins processing of premium motor spirit (PMS) also known as petroleum.
This is coming amidst the worsening fuel supply in Nigeria with the NNPCL indicating that the supply gap might get worse following its indebtedness to importers.
An unverified message trending on social media earlier hinted at the new fuel price.
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/lit. Thank you.”