The Nigerian National Petroleum Company Limited (NNPCL), the country’s sole importer of refined products, has reportedly raised petrol prices as Nigeria grapples with fuel scarcity and a national crisis.
As of Tuesday, NNPCL stations in Abuja and Lagos confirmed a sharp rise, with prices reaching ₦897 ($0.56) per liter in Abuja and ₦855 ($0.54) per liter in Lagos. Other fuel marketers followed suit, pushing prices up by more than 30 percent.
This surge comes amid reports that NNPCL is struggling with a $6 billion debt to suppliers, which has hindered fuel supply. The national oil firm acknowledged the debt situation in a statement released on September 1, linking the shortages to its financial challenges.
Despite these developments, NNPCL spokesperson Femi Soneye denied any official price changes, claiming that previous prices remain unchanged. Additionally, the Nigerian federal government refuted widespread social media claims that it had directed NNPCL to set petrol prices at ₦1,000 ($0.63) per liter.
In a statement, Nneamaka Okafor, the special adviser on media to Petroleum Minister Heineken Lokpobiri, called the reports “baseless” and “malicious”. She said that the government does not interfere with NNPCL’s pricing decisions. Lokpobiri added, “Such a claim is entirely devoid of truth and should be recognized as an intentional effort to mislead the public.”
The ongoing fuel scarcity has had a significant impact on daily life in Nigeria, straining business activities across the country. The price hike, reportedly driven by global market prices and efforts to alleviate NNPCL’s debt burden, has only added to the public’s frustration. Fuel prices in Nigeria were previously set at around ₦600 ($0.38) per liter, but recent reports suggest that the landing cost is closer to ₦1,200 ($0.75) per liter. The landing cost of petrol, includes the product’s international price, shipping, insurance and other charges.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
