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Two days after revealing its over $6 billion debt burden due to fuel price challenges, the Nigerian National Petroleum Corporation (NNPC) Limited announced a significant increase in fuel prices on Tuesday. The new pump price for petrol has been set at N897 per litre, marking an increase of over 45% from the previous rate of N617 per litre.
The price hike was confirmed by checks at NNPC Retail stations in Abuja. However, when contacted, the company’s Chief Communications Officer, Mr. Olufemi Soneye, indicated he was unaware of the increase. “I’m not aware of this. Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding,” Soneye responded via WhatsApp.
Prior to the official announcement, an unverified message circulated on social media, indicating that NNPC Retail Management had approved the price adjustment. The message urged stations to update their price boards to reflect the new rate of N897 per litre.
This substantial increase follows recent reports about the financial difficulties faced by NNPC, underscoring the severe impact of fuel pricing on the corporation’s economic stability.
