Nigerians may face tougher times ahead as the Nigerian National Petroleum Corporation Limited (NNPCL) has increased the pump price of petrol to N855 per liter.
This development follows the company’s recent admission of a $6 billion debt challenge related to its international supply chain.
Since the removal of fuel subsidies by the Nigerian government, fuel prices have fluctuated, with NNPCL previously maintaining a price of N617 per liter. However, a statement from the company’s Chief Corporate Communications Officer, Olufemi Soneye, subtly confirmed that the mounting debt has led to fuel shortages at filling stations across the country, affecting supply stability.
There have been rumors that the national oil company began struggling to meet fuel supply demands earlier this year, when delayed payments for Premium Motor Spirit (PMS) exceeded $3 billion. Despite this, the Federal Government has consistently denied claims that it is still subsidizing petroleum products.
The new pump price of N855 per liter has already gone viral on social media. During their commute this morning, our reporter observed large crowds at bus stops, indicating that many people were struggling to find transportation for their daily routines.
