The Nigerian National Petroleum Corporation Limited (NNPCL) has announced a significant increase in fuel prices, raising the pump price from N617 to N855 per litre.
In a statement, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, attributed the fuel price hike to the company’s financial constraints, which have impacted its ability to sustain supply. The statement subtly confirmed speculations that the national oil company has been facing difficulties in meeting fuel demand since early this year, when outstanding payments for Premium Motor Spirit (PMS) exceeded $3 billion.
Despite the Federal Government’s repeated denials of subsidizing petroleum products, the NNPCL’s financial struggles have led to fuel queues at filling stations nationwide. The increased pump price has already gone viral on social media, sparking concerns among Nigerians about the potential impact on their daily lives.
There has been long queues at bus stops during the morning commute, as people struggle to find transportation for their daily routines. The fuel price hike as it is, has far-reaching consequences for the economy and citizens’ livelihoods.
