BREAKING: NNPCL ‘Jerks Up’ Petrol Pump Price To N855/Litre

Some retail stations of the Nigerian National Petroleum Company (NNPC) are selling petrol at N855 per litre in some parts of Lagos, according to a viral video on social media.

The video, shared by a disgruntled buyer, revealed that the pump price displayed on a machine at a petrol station in Ikoyi, Lagos was N855 per litre.

The development came amid growing concerns about the rising cost of Premium Motor Spirit (PMS), commonly known as petrol.

Just six days ago, media reports suggested that the price of PMS could soar to N1,300 per litre, primarily due to the NNPC’s financial strain.

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The corporation, which is the sole importer of petrol into Nigeria, has consistently denied subsiding the cost of PMS but has remained tight-lipped about the landing cost of the product.

In a rare admission, the NNPC acknowledged on Sunday that it is grappling with financial challenges stemming from the high supply costs of PMS.

This acknowledgement has further fueled speculation about potential price hikes.

In the midst of the controversy, the Dangote Refinery announced that it has commenced petrol production, with NNPC set to become the initial exclusive buyer of its products.

This move could potentially impact the pricing dynamics within the country’s oil market.

Meanwhile, the federal government has categorically denied reports suggesting that the Ministry of Petroleum Resources instructed the NNPC to sell fuel above the approved pump price.

The Minister for Petroleum Resources (Oil), Heineken Lokpobiri directed the NNPC Limited to implement the price hike.

In response, the government dismissed the report as “concocted and ill-conceived,” aimed at creating discord and confusion within the oil industry.

A statement from Nnemaka Okafor, the Special Adviser, Media, and Communication to Lokpobiri, released on Tuesday, clarified that “there was never a time the Federal Government interfered with petroleum pricing with NNPCL, let alone give directives for a price increment.”