NNPC raises petrol price to N897 per litre

• Published On: 03 September 2024 at 19:30

The Nigerian National Petroleum Company has raised the price of Premium Motor Spirit to N897 per liter across the country.

This increase has already taken effect at some NNPC filling stations.

Prices are expected to rise at independent and major marketer outlets, with NNPC prices varying by location: N897 per litre in Abuja, N904 in Kano, and N924 in Yola, according to Guardian.

However, Mr. Olufemi Soneye, NNPC's Chief Communications Officer, stated that he was unaware of any price increases.

"I am not aware of this. Thank you for reaching out. I have no comments on the subject at this time. If there are any updates, I will notify you," Soneye replied.

This follows Dangote's initial release of 25 million litres of PMS into the domestic market in September, with plans to increase supply to 30 million litres per day beginning October 2024.

Prior to this, Nigeria's sole petrol importer, the NNPC, had consistently denied subsidizing the cost of PMS.

During a period of fuel scarcity, another group of marketers claimed that the government had approved a fuel price of N1000 per litre, a claim that the federal government denied.
Senator Heineken Lokpobiri, Minister of Petroleum, described the claim as a ploy to sow discord and confusion in the oil industry, according to a statement by his media aide, Nneka Okafor.

Nneka stated that "the FG has never interfered with NNPCL's petroleum pricing, let alone given directives for price increases.

"We categorically condemn this claims as baseless, malicious and a deliberate attempt to incite public discontent."

The increase has raised concerns among citizens who are already dealing with high living and fuel costs.