Breaking: NNPC raises petrol prices between N855 and N897 per litre in different locations

By Ezurike Ugochukwu

The Nigerian National Petroleum Company Limited (NNPC) has raised the pump price of Premium Motor Spirit (PMS) to between N855- N897 per litre from the official price of N568-N617 per litre in different locations across Nigeria.

This increment said to be effective from September 3, 2024 is coming days after the NNPC said it was heavily constrained by the huge debt of about $6.8 billion it said it’s owing international suppliers.

The NNPC’s fuel prices usually differ, depending on location, with Lagos usually the cheapest price.

Nation update has observed that the few filing stations selling in Lagos have adjusted their pumps to the new price
NNPC filling stations are selling at N855.

Some of the independent filling stations visited were selling between N900 and N950.

Memo to depot owners confirmed the increase even as there has not been any official confirmation from NNPC.

“This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September . 2024.

“Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter,” the message read.

The increase marks a substantial change for consumers, who will now be paying significantly more at the pump. This price hike is also expected to have a widespread impact on the economy, affecting transportation costs and the prices of goods and services across the country.

Fuel Scarcity in the country has worsened across the country as petrol prices at filling stations were selling between N950 and N1,000 Per Litre.