Recent developments suggest that Nigerians may face increased economic pressure as the Nigerian National Petroleum Corporation Limited (NNPCL) has raised its fuel price to N855 per liter.
This price hike coincides with the NNPCL’s disclosure of a significant financial challenge – a $6 billion debt to its international supply chain partners. Previously, despite fluctuations following the government’s subsidy removal, NNPCL had maintained its fuel price at N617 per liter.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, indirectly confirmed that this debt is causing fuel scarcity at filling stations nationwide, expressing concern about its impact on supply continuity. There were earlier indications that the national oil company began experiencing difficulties in meeting fuel supply demands at the start of the year when late payments for Premium Motor Spirit (PMS) exceeded $3 billion.
Despite these challenges, the Federal Government has consistently denied allegations of ongoing petroleum product subsidies.
The new pump price, which has been widely circulated on social media platforms, was independently verified by our reporter. Additionally, during the morning commute, our journalist observed unusually large crowds at bus stops, with people struggling to find transportation for their daily activities.
This situation paints a picture of potential economic strain for Nigerian citizens, as they grapple with higher fuel costs and possible transportation challenges.