The Nigeria National Petroleum Company Limited (NNPCL) has increased the petrol pump price at its filling stations in Lagos to ₦855 per liter. This adjustment comes shortly after the company highlighted significant financial difficulties affecting its operations.
NNPC’s recent statement reveals that the company is struggling to meet its financial obligations to International Oil Companies (IOCs), with reported debts amounting to approximately $6 billion. Despite these challenges, NNPC reported a profit of ₦3.3 trillion for the financial year 2023.
In a statement issued on Sunday, NNPC acknowledged the mounting pressure from its debt and the impact on fuel supply sustainability. “NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply,” the statement read.
NNPC emphasized its commitment to maintaining national energy security in accordance with the Petroleum Industry Act (PIA). The company assured the public that it is working closely with government agencies and other stakeholders to ensure a steady supply of petroleum products across the country.
The price increase has sparked reactions from the public. Nollywood actress and activist Kate Henshaw shared a video on social media, expressing frustration over the sudden price hike. Henshaw’s driver discovered the new price at an NNPC filling station and reported an increase of over ₦200 per liter. Henshaw’s post on X (formerly Twitter) highlighted the inconvenience faced by consumers, stating, “NNPC has adjusted their pump price now!! Posted as received just now! My driver just informed me that they stopped selling at Mobil to adjust pump price. This video confirms it all!”
The price adjustment reflects ongoing challenges in Nigeria’s fuel sector and underscores the need for continued monitoring of the industry’s financial health and supply stability.
