NNPCL sells fuel at N855/litre
The Nigerian National Petroleum Corporation Limited (NNPCL) has increased the pump price to N855 per litre. This price hike comes as NNPCL admits to dealing with a $6 billion debt from its international supply chain. Previously, after the removal of fuel subsidies, NNPCL had kept the fuel price at N617 per litre.
According to Olufemi Soneye, Chief Corporate Communications Officer, the debt issue is causing fuel queues at filling stations, affecting supply sustainability. Speculation suggests that NNPCL’s struggles began when overdue PMS payments exceeded $3 billion earlier this year. Despite this, the Federal Government has denied continuing to subsidize petroleum products.
The new pump price has quickly spread across social media, and large crowds were seen at bus stops this morning, indicating the impact on commuters.
