Nigerians are facing the prospect of even tougher times ahead as the Nigerian National Petroleum Corporation Limited (NNPCL) has increased the pump price of petrol to N855 per litre.
The price hike comes amid revelations from NNPCL management that the company is grappling with a $6 billion debt related to its international supply chain. This financial strain has been linked to the recent resurgence of long fuel queues at filling stations across the country.
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Previously, NNPCL had maintained a pump price of N617 per litre following the government’s removal of fuel subsidies. However, the recent adjustment reflects the company’s struggle to manage its debt and sustain fuel supply.
In a statement by the Chief Corporate Communications Officer, Olufemi Soneye, NNPCL acknowledged the impact of the debt on its ability to meet fuel demand, hinting that this has contributed to the growing scarcity of petrol.
Reports indicate that NNPCL began facing significant challenges in meeting fuel supply earlier this year, with overdue payments for Premium Motor Spirit (PMS) surpassing $3 billion. Despite these issues, the Federal Government has repeatedly denied that it is still subsidizing petroleum products.
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The new pump price has quickly gained attention on social media, sparking widespread concern. During a commute this morning, our reporter observed large crowds at bus stops, as many Nigerians struggled to find transportation for their daily activities.
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