In a surprise move, the Nigerian National Petroleum Corporation (NNPC) Limited has increased the pump price of fuel from N617 per litre to N897 per litre, effective Tuesday, September 3, 2024. This represents a significant 45% price hike.
The new price was confirmed by checks at NNPC Retail stations in Abuja, although the company’s Chief Communications Officer, Mr Olufemi Soneye, denied knowledge of the increase when contacted by Vanguard.
A trending message on social media platforms had earlier hinted at the new fuel price, stating that the NNPC Retail Management had approved the upward review. The message instructed retailers to update their prices accordingly.
This price increase comes just two days after the NNPC cried out that the burden of petrol price had pushed it into over $6 billion debt. The move is likely to spark controversy and raise concerns about the impact on consumers and the economy.
It remains to be seen how this price hike will affect the market and whether there will be any further adjustments in the near future.
