Nigerians are bracing for tougher times as the Nigerian National Petroleum Corporation Limited (NNPCL) has raised the pump price of petrol to a staggering N855 per litre. This significant price hike comes on the heels of NNPCL’s admission of a mounting debt crisis, with the state oil giant grappling with $6 billion in liabilities from its international supply chain.
For months, fuel prices have fluctuated across the country following the government’s removal of subsidies, with NNPCL maintaining a price of N617 per litre. However, the latest increase reflects the severe financial strain the company is under, which has led to widespread fuel shortages and long queues at filling stations nationwide.
In a statement by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, the company acknowledged that its debt challenges have severely impacted its ability to sustain fuel supplies. Speculation has been rife that NNPCL’s financial struggles began earlier this year when overdue payments for petrol imports exceeded $3 billion.
Despite the government’s repeated denials of ongoing fuel subsidies, the reality of the situation is becoming increasingly clear to Nigerians, who are now facing unprecedented fuel costs. The new pump price, which quickly went viral on social media, has sparked outrage and concern among the public.
Our correspondent, who observed the situation on the ground this morning, reported seeing large crowds at bus stops, with many struggling to find transportation amidst the escalating fuel crisis.
This development raises critical questions about the future of fuel supply in Nigeria and the broader economic impact of NNPCL’s financial woes on the nation’s already strained economy.
