The Nigerian National Petroleum Company Limited (NNPC) has increased the price of Premium Motor Spirit (PMS) from between N568-N617 per litre to between N855-N897 per litre, effective immediately.
This development comes after the company announced severe financial challenges and mounting debt to petrol suppliers, posing a threat to consistent fuel supply across the country.
According to internal communication, the new price takes effect today, September 3, 2024. However, NNPC is yet to make an official statement confirming the price hike.
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The price increase has already taken effect at various NNPC filling stations, with the Awolowo Road station in Ikoyi, Lagos, selling at N855 per litre, and a station in Ibadan displaying N865 per litre.
This significant price hike is expected to have far-reaching implications for consumers, affecting transportation costs and the prices of goods and services nationwide.
Despite facing financial challenges, NNPC has reaffirmed its commitment to ensuring national energy security as the nation’s principal fuel supplier.
