The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS), otherwise known as petrol, from N617 to N855.
The new pump price of petrol was displayed at the NNPCL filling stations in Lagos on Tuesday, September 3, 2024.
No formal announcement has yet been made to rationalise the price hike.
The latest development is coming amid the fuel scarcity in the country.
The development has led to queues at various filling stations in parts of the country.
The NNPCL had, on Sunday, September 1, said the company’s debt to petrol suppliers was responsible for the fuel queues across the country.
The company, in a statement issued by its spokesperson, Olufemi Soneye, noted that debt posed a threat to the sustainability of fuel supply, adding, however, that the company was working with government agencies to ensure a consistent supply of petrol in Nigeria.
Soneye stated: “NNPCL has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
“In line with the Petroleum Industry Act (PIA), NNPCL remains dedicated to its role as the supplier of last resort, ensuring national energy security.
“We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.” (TheconclaveNG)
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