There are strong indications that the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit popularly known as petrol nationwide.
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A video sighted on Tuesday morning revealed that the product sold for N855 per litre at an NNPCL filling station in Ikoyi, Lagos, up from N568.
This is coming barely 24 hours after the NNPCL raised the alarm that it had incurred about $6bn debt.
Femi Soneye, the NNPCL spokesperson, told our correspondent, “I’m not aware. But I’ll find out.”
Fuel prices have dwindled between N580 per litre to N700 per litre since Mr Tinubu became president and announced the removal of fuel subsidies in 2023.
But in recent weeks, the nation has suffered an acute fuel scarcity that led the few stations with fuel to sell at exorbitant prices above N900 per litre while black market prices exceeded N1,000.
On Thursday, the Tinubu government issued a statement denying reports that pegged the official fuel increase to N1,000.
“The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” said the statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri.
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