The Nigerian National Petroleum Company (NNPC) Limited has raised the pump price of Premium Motor Spirit (PMS) to N897 per litre nationwide. Marketers were notified of the increase, with NNPC Retail outlets already implementing the new price.
Dangote recently released 25 million litres of PMS from its refinery with plans to increase to 30 million litres daily in October 2024. The NNPC, the sole petrol importer in Nigeria, admitted facing financial pressure due to supply costs. Despite fuel scarcity, the federal government denied authorizing a N1000 per litre price suggested by some marketers.
Minister for Petroleum Resources, Senator Heineken Lokpobiri, denounced the claims as baseless and aimed at causing confusion. The government emphasized it never interfered with pricing or directed NNPC to increase prices. The situation reflects the ongoing challenges in the oil industry.
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