The Nigerian National Petroleum Corporation (NNPC) Limited announced a large rise in fuel prices on Tuesday morning, just two days after disclosing that the growing cost of gasoline had forced it into almost $6 billion in debt. The current cost of gasoline has increased by more than 45 percent, from N617 to N897 per liter.CONTINUE FULL READING>>>>>
According to report from vanguard, this price hike was evident at NNPC Retail stations in Abuja, where the updated rate was already in effect. However, when contacted by Vanguard, Mr. Olufemi Soneye, the company’s Chief Communications Officer, claimed ignorance of any such increase. He responded via WhatsApp, stating, “I’m not aware of this. Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding.”
Earlier, an unconfirmed message circulating on social media had suggested the new fuel price. The message stated: “Good morning all. This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from N617/litre to N897/litre effective today, 3rd September 2024. Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/litre. Thank you.”
Despite the unconfirmed nature of the message, the significant increase in fuel prices was quickly observed at retail locations, reflecting the drastic adjustment.CONTINUE FULL READING>>>>>
