The Nigerian National Petroleum Corporation (NNPC) Limited has announced an increase in the pump price of fuel from N617 per litre to N897 per litre, effective September 3rd, 2024. This represent a 45% increase.
According to reports, it has already been implemented at NNPC retail stations in Abuja. On the other hand, when contacted, Mr. Olufemi Soneye, the Chief Communications Officer of NNPC, said he was not aware of any price increment.
This increase comes after two days of NNPC reporting debts exceeding $6 billion due to high costs associated with petrol prices. Earlier, an unconfirmed message on social media platforms hinted at this new fuel price.
Although NNPC has not officially approved it, implementation at retail stations shows that such prices are already operational. This can possibly affect consumers and the economic aspect greatly.
