President Bola Tinubu’s Nigeria National Petroleum Company Limited (NNPCL) has announced a new petrol pump price of ₦855 per liter at its Lagos filling stations.
This price adjustment comes just two days after the company revealed significant challenges in its operations, primarily due to the high costs associated with importing refined petrol into the country.
In a statement released on Sunday, NNPC admitted to struggling with its financial obligations to International Oil Companies (IOCs), with a debt amounting to approximately $6 billion. Despite these difficulties, NNPC reported a profit of ₦3.3 trillion for the fiscal year 2023.
The company acknowledged the impact of its substantial debt on its operations and the risk it poses to sustaining a stable fuel supply. “NNPC Ltd. has recognized the recent media coverage regarding our financial difficulties with petrol suppliers. This strain has impacted our ability to consistently provide fuel and threatens our operational stability,” the statement said.
NNPC remains committed to its role as the supplier of last resort under the Petroleum Industry Act (PIA). The company is working with government agencies and stakeholders to ensure a reliable supply of petroleum products across the country.
The price hike has been highlighted by Nollywood actress and activist Kate Henshaw, who shared a video on social media showing a substantial increase in fuel prices at an NNPC filling station. Henshaw’s post read, “NNPC has adjusted their pump price now!! My driver just informed me that they stopped selling at Mobil to adjust pump price. This video confirms it all!”
As the situation unfolds, the public and stakeholders await further developments on NNPC’s efforts to address its financial challenges and maintain fuel supply stability.
