NNPCL Sells Petrol at N855 Per Liter

The Nigerian National Petroleum Company Limited (NNPCL) has made headlines by adjusting the price of petrol to ₦855 per litre in Lagos.

This major hike has sparked nationwide concern and is a direct response to the ongoing fuel scarcity that has plagued major cities like Lagos and Abuja.

According to report, "some NNPC retail stations in Lagos are selling fuel between ₦865 to ₦897 per litre from ₦568 per litre."

The increase comes amid NNPCL's admission of substantial debt obligations to international oil traders, amounting to approximately $6 billion. This financial strain has jeopardized the company's capacity to supply petrol to local marketers, further exacerbating the fuel scarcity.

As a result, many filling stations across Nigeria have either run out of stock or are selling at massively higher prices, with some locations reporting prices as high as ₦1,000 per litre.

The situation has led to long queues at the few operational filling stations, causing major roads in Lagos and Abuja to be noticeably empty due to motorists lacking petrol.

The NNPCL has denied owing nearly $7 billion to international oil companies for fuel purchased overseas, but the supply challenges persist.

In an effort to address the crisis, NNPCL has been actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.

However, the Public Relations Officer for the Independent Marketers Association of Nigeria (IPMAN), Uche Ukadike, expressed skepticism about the immediate resolution of the supply issues.

The recent developments have also reignited discussions about the privatization of key refineries and the potential listing of NNPC on the stock market. Political and economic analysts, such as Cyrus Ademola, have highlighted the broader implications of these changes on Nigeria's economy and energy security.