NNPC Fuel Pump price surpass N800 per liter.
The Nigerian National Petroleum Corporation (NNPC) Limited has increased petrol prices at its filling stations in Lagos to as high as N897 per liter amid a deepening fuel scarcity, Nairametrics reports.
On Tuesday morning, several NNPC retail stations in Lagos were observed selling fuel between N865 and N897 per liter, a significant jump from the previous price of N568 per liter.
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This price adjustment comes in the wake of NNPC’s admission that its ability to supply petrol to local marketers has been compromised by a debt of approximately $6 billion owed to international oil traders. The financial strain has severely impacted the corporation’s capacity to maintain a steady fuel supply, leading to widespread fuel shortages across Nigeria.
In recent weeks, long queues have reappeared at petrol stations in major cities like Lagos and Abuja, as citizens struggle to secure fuel. The scarcity has also left major roads in these cities noticeably empty, with motorists unable to obtain the fuel needed to move around.
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NNPC, while acknowledging the reports of its substantial debt, emphasized its commitment to ensuring national energy security as mandated by the Petroleum Industry Act (PIA). The corporation stated that it is working closely with relevant government agencies and stakeholders to stabilize the fuel supply.
As the situation escalates, petrol prices at various locations across the country have soared to between N840 and N1,000 per liter, exacerbating the challenges faced by Nigerians during this fuel crisis.
