Nigerians are facing higher fuel costs as the Nigerian National Petroleum Corporation Limited (NNPCL) has increased its pump price to N855 per litre. This price hike follows the company’s acknowledgment of a $6 billion debt from its international supply chain.
Previously, NNPCL had maintained a fuel price of N617 per litre despite fluctuations after the government’s removal of fuel subsidies. The increase is attributed to financial strains impacting the company’s ability to sustain supply levels, leading to fuel queues across the country.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, confirmed that the ongoing debt issues have contributed to the recent shortages and elevated fuel prices. Speculation regarding the company’s struggles intensified earlier this year when outstanding payments for petroleum products exceeded $3 billion.
Despite persistent claims, the Federal Government has denied continuing any form of fuel subsidy. The new fuel price, now circulating widely on social media, was observed by our reporter during the morning commute, with significant numbers of people at bus stops scrambling to secure transportation for their daily activities.
