Lagos, Sept. 3, 2024 (NAN) – The Nigerian National Petroleum Company Ltd. (NNPCL) has increased the price of petrol from N585 to between N855 and N890 per litre, according to the News Agency of Nigeria (NAN).
Thank you for reading this post, don't forget to subscribe!In Lagos, fuel stations have quickly adjusted their prices in response to the new rates amid ongoing shortages and crises. NNPCL stations in areas like Ikoyi, Victoria Island, Gbagada, Ikeja, and Ikorodu Road are now charging N855 per litre, while major oil marketers such as Northwest, Mobil, TotalEnergies, and NIPCO are selling petrol between N868 and N900 per litre.
Motorists have expressed frustration over the sudden price hike. Mr. Godwin Emeka, a public transporter, lamented, “I am not happy about the price increase because those of us with limited means cannot afford it. I urge the government to address this sudden increase in petrol prices.”
Passenger Mr. Ibrahim Muyideen also voiced concerns, noting that the price surge from N619 to N868 per litre would negatively impact passengers. “The government should address this fuel scarcity and high prices, as everyone, regardless of their financial status, is suffering,” he said.
The price adjustment aligns with global trends and is intended to help alleviate NNPCL’s significant debt, currently reported at $6 billion. Despite speculation, the Federal Government has denied any directive to set fuel prices at N1,000. Nnemaka Okafor, Special Adviser on Media and Communication to the Minister of Petroleum Resources, Heineken Lokpobiri, clarified that the government is addressing false claims circulating on social media about inflated petroleum prices.
NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, declined to comment on the price increase but promised to provide updates when available.
