Hours After Government Denial, NNPC Raises Petrol Price to ₦855 per Litre
By Okafor Joseph Afam
September 3, 2024
In a surprising turn of events, the Nigerian National Petroleum Company (NNPC) Limited has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦855 per litre across its retail outlets, just hours after the Nigerian government denied any plans to increase fuel prices.
Earlier in the day, Minister of State for Petroleum Resources, Heineken Lokpobiri, had dismissed reports suggesting a hike in petrol prices as baseless rumors. In a statement signed by his media aide, Nnemaka Okafor, Lokpobiri assured the public that the ministry had not directed the NNPC to adjust fuel prices. He condemned the reports as “ill-conceived” and designed to “sow discord and confusion in the oil industry.”
“The Federal Government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price. We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent,” the statement read.
Despite this official denial, the NNPC has indeed raised prices, with petrol now selling for ₦855 per litre at its outlets, and as high as ₦897 per litre at some locations. Reports from Lagos indicate that other filling stations, including Mobil on Bale Animashaun Road, have also increased their prices, with petrol now being sold at ₦890 per litre.
The price hike comes amidst a deepening fuel scarcity crisis and reports that NNPC owes its suppliers over $6 billion. This sudden increase has added to the growing concerns and frustrations among Nigerians, who are grappling with the ongoing fuel scarcity and its impact on daily life.
Lokpobiri maintained that NNPC operates independently under the Companies and Allied Matters Act, with a fully empowered Board of Directors, and reiterated that the ministry does not interfere in NNPC’s internal decisions, including those related to fuel pricing.
This latest development highlights the complexities and challenges facing Nigeria’s petroleum sector, particularly in a deregulated market where pricing decisions can significantly impact the nation’s economy and the daily lives of its citizens.
