NNPCL hikes petrol price, sells at N855/litre in Lagos

There are strong indications that the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit popularly known as petrol nationwide. A video sighted by Daily Trust on Tuesday morning revealed that the product sold for N855 per litre at an NNPCL filling station in Ikoyi, Lagos, up from N568. […]

There are strong indications that the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit popularly known as petrol nationwide.

A video sighted by Daily Trust on Tuesday morning revealed that the product sold for N855 per litre at an NNPCL filling station in Ikoyi, Lagos, up from N568.

“N855 o! Latest news. N855, NNPC, Awolowo Road, Ikoyi,” a voice lamented in the background of the 23-second video clip which reveals the new pump price.

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.

Although the NNPCL has not officially confirmed the increase, it has hinted at a possible increase as the landing cost reportedly surged above N1,000/litre.

The hike is coming barely 48 hours after the NNPCL raised the alarm that it owed importers about $6bn debt amidst the worsening fuel supply in the country.

After several denials, the national oil company admitted on Sunday that it was facing financial difficulty with a report indicating that the company is owing over $6bn.

The Nigerian National Petroleum Company (NNPC) Limited 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, report has indicated.

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.

After several denials, the national oil company admitted on Sunday that it was facing financial difficulty with a report indicating that the company is owing over $6billion.

The NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye had told Daily Trust on Monday that the company had been subsidising petrol with N500 per litre for a year.

“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,” he said.

He stated that it is left for the owners of the NNPC and the federal government to decide the next line of action.