JUST IN: Fuel price hits N897 at NNPC outlets

Petrol pump price rose to N897 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Abuja on Tuesday.

The recent development comes amid struggles by the nation’s oil company to supply the local market.

Last Sunday, the NNPC said its ability to sustain regular supply of petrol across Nigeria is under threat. The oil company said it is under financial duress due to Premium Motor Spirit (PMS) supply costs, impacting supply sustainability.

In recent months, fuel scarcity hit major cities across Nigeria, with attendant effects on businesses and households. This also prompted commercial bus drivers to increase their fares in major towns and cities, including the nation’s capital. As a result, black marketers made brisk business selling to willing buyers at higher prices ranging from N1,000 to N1,200.

PREMIUM TIMES observed Tuesday morning that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N897.

A resident, Peace Nwodo, at the station said: I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed from N617 to N897. This is so terrible and yet they have refused to even start selling the product by now,” she said.

At several other outlets in the Wuse, Lugbe area of the capital city, this newspaper confirmed that the pump price equally jumped to N897 as motorists and commuters grumbled amid the uncertainty.

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When PREMIUM TIMES contacted the NNPC Ltd spokesperson, Olufemi Soneye, said he had no comment on the matter.

“Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding,” he said.