NNPC finally breaks silence on petrol price increase allegation, gives real price in Lagos, Abuja

• NNPC spokesperson has denied increasing the price of petrol at any of its retail locations across the country
• He said this amid recent reports that the state oil company raised the price of fuel pumps in Abuja by N30 per litre
• he spokesperson for the Independent Petroleum Marketers Association of Nigeria said the price has remained unchanged

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Olufemi Soneye, the spokesperson for Nigerian National Petroleum Company Limited, stated that he is not aware of any recent increases in the price of Premium Motor Spirit pumps at any of its retail locations.

Spokesman for the state-owned oil corporation, claimed he was not aware of any increase in gas prices. Photo Credit: NNPC, Contributor
Source: UGC

Soneye said in a Tuesday exclusive interview with DAILY POST.

Legit.ng earlier reported a recent hike in the pump price of petrol to marks the third time in 60 days.

President of the Dangote Industries, Aliko Dangote, blamed the continued petrol shortages and long queues at filling stations across Nigeria on the inability of marketers to lift products from his $20 billion refinery.

Dangote disclosed this in Abuja on Tuesday, October 29, 2024, stating that the refinery’s capacity can meet Nigeria’s petrol needs, asking oil marketers to move to ease the current petrol scarcity.

NNPC reacts

Soneye, a spokesman for the state-owned oil company, asserted that he was unaware of any rise in the price of gasoline.

The ex-depot price of NNPCL has remained unchanged, according to Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria.

“For independent marketers, we have experienced a fresh price hike as I am speaking with you. NNPCL still sells to us at the same price.“For Port Harcourt, it is N1040 per litre; Abuja and Lagos are around N990 per litre,” he told DAILY POST on Tuesday.

Aliko Dangote, the president of the Dangote Group, had before claimed that petroleum marketers were disregarding the 500 million liters of fuel produced by its refinery.

Earlier, the NNPCL raised the price of gasoline to N1030 per liter on October 9, 2024.

World Bank faults NNPC’s report

Legit.ng reported that the Nigerian National Petroleum Company Limited's (NNPCL) submissions to the Federal Account Allocation Committee (FAAC) lacked essential information about its activities and were inconsistent, the World Bank

This was disclosed in the bank's May 17, 2024, Accelerating Resource Mobilization Reforms (ARMOR) Report, according to a ChannelsTV report.

The World Bank claims that in addition to lower net oil revenues, NNPCL's opaque governance has seriously hampered the federation's ability to receive oil payments.

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Source: Legit.ng