The Nigerian National Petroleum Corporation (NNPC) Limited has reportedly increased the pump price of fuel from N617 per litre to N897 per litre, marking a significant hike of over 45%. This adjustment, which allegedly took effect on Tuesday morning, follows reports that NNPC is grappling with over $6 billion in debt, partly due to the financial strain of maintaining fuel prices.
However, the situation remains unclear as the NNPC’s Chief Communications Officer, Mr. Olufemi Soneye, when contacted by Vanguard, stated that he was not aware of any such price increase. He refrained from providing further comments, adding that if there were any updates, he would ensure they were communicated.
The price hike was first hinted at through an unconfirmed message circulating on social media, which indicated that NNPC Retail Management had approved the new price, instructing all fuel stations to update their pumps and price boards to reflect the new rate of N897 per litre.
This development comes at a time when Nigerians are already facing significant economic challenges, raising concerns about the potential impact on the cost of living and the broader economy. As of now, there has been no official statement from NNPC confirming the price adjustment.
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