The Nigerian National Petroleum Company Ltd. (NNPCL) Monday announced an increase the price of petrol from N585 to between N855 and N890 per litre
BRANDPOWER correspondents, who monitored the situation in Lagos metropolis, observed that in the midst of ongoing fuel shortages and crises, marketers swiftly updated their pump prices to reflect the new rates.
NNPCL stations in Ikoyi, Victoria Island, Gbagada, Ikeja, and Ikorodu Road have adjusted their prices to N855 per litre.
Major oil marketers such as Northwest, Mobil, TotalEnergies, and NIPCO are selling petrol between N868 and N900 per litre.
Some motorists who spoke to NAN expressed frustration over the sudden price hike.
Mr Godwin Emeka, a public transporter, said, “I am not happy about the price increase because those of us with limited means cannot afford it.
“I use the fuel for transportation, and a passenger from Orile to Oyinbo pays N100. I urge the government to address this sudden increase in petrol prices,” he said.
A passenger, Mr Ibrahim Muyideen, also said that the price hike would negatively impact passengers.
“We used to buy petrol at N619 per litre, and now it’s N868. The government should address this fuel scarcity and high prices, as everyone, regardless of their financial status, is suffering,” he said.
BRANDPOWER reports that many marketers did not wait for their stock to deplete before adjusting prices, as they did during previous price reductions.
Some private stations have set their prices at N897 per litre, the increase is said to align with global prices and alleviate NNPCL’s debt burden.
This adjustment follows a recent disclosure by NNPCL that the company owes $6 billion to its suppliers.
The Federal Government has denied claims that it directed NNPCL to set fuel prices at N1,000.
Nnemaka Okafor, Special Adviser on Media and Communication to the Minister of Petroleum Resources, Heineken Lokpobiri, clarified that the government was addressing false claims circulating on social media about inflated petroleum prices.
When contacted Mr. Olufemi Soneye, Chief Corporate Communications Officer at NNPCL, declined to comment on the price increase but promised to provide updates when available.
