NNPCL hikes fuel pump Price to N897/liter in Lagos

Barely two days after the Nigerian National Petroleum Corporation Limited NNPCL gloated over the burden of petrol price which has pushed it into over $6 billion debt, on Tuesday increase was witnessed at an Ikoyi filling station in Lagos from N617 per litre to N855 per litre.

This development comes just a day after the NNPCL disclosed that it had accumulated a staggering $6 billion in debt, thereby adding further pressure to the already strained fuel market.

An unconfirmed trending message on social media platforms had 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.

But, the company’s Chief Communications Officer, Mr Olufemi Soneye, said he was not aware of any price 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,” he responded via WhatsApp.

Aliko Dangote, CEO of Dangote Group while speaking on the impact of his refinery’s production on fuel pricing noted that the Federal Executive Council, under President Bola Ahmed Tinubu, is finalising a new petrol pricing structure.