Amid the current fuel scarcity in the country, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a hike in the price of the products across its outlets nationwide from N617 to N855 per litre.
This is coming barely two days after the company admitted to owing oil suppliers to the tune of $6 billion, making them reluctant about importing the products.
Mr. Olufemi Soneye, Chief Corporate Communications Officer of the NNPC Ltd., who disclosed this in a statement on Sunday, September 1, 2024, also submitted that the financial strain has placed considerable pressure on the company, therefore, poses a threat to the sustainability of fuel supply.
However, a price review directive sighted by TheFact Daily today, showed an upward review of the pump price by the NNPC Retail Management from N617 to N897.
It read: “this is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617 to N897/Litre effective today, 3rd September, 2024.
“Please, ensure all your pumps and totems (price boards) MIDs reflect the new PMS price of N897/litre”.
When contacted, the Communications team of the NNPC Ltd denied knowledge of such directive, meanwhile, a visit to one of its filling stations in Abuja shows that the pump price has been adjusted from N617 to N855/Litre.
Recall that the reports of alleged directive by the federal government to the NNPC Ltd. to increase the pump price of petrol was dismissed by the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, earlier today.
Senator Lokpobiri, in a statement by his Special Adviser on Media and Communication, Nnemeka Okafor dismissed the reports as baseless, malicious, and a deliberate attempt to incite discontent.
Although, he clarified that NNPC Ltd. operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors.
Noting that the Ministry of Petroleum Resources does not, will not interfere in the internal decisions of NNPC Ltd., including pricing matters.
Saying, “Any suggestions otherwise, is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector”.
