The Nigerian National Petroleum Company Limited has raised the price of Premium Motor Spirit (PMS) from its former prices of between N568-N617 per litre to between N855- N897 per litre. This development is said to be effective from September 3, 2024.
The NNPC’s fuel prices usually differ, depending on location, with Lagos usually having the cheapest price.
Internal communication reportedly emanating from the oil company said, “This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/itre to N897/litre effective today, 3rd September, 2024. Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter.”
However there has been no official confirmation from NNPC.
While the NNPC filling station on Awolowo Road, Ikoyi, Lagos, is selling at N855 per litre, an NNPC station in Ibadan displayed N865 per litre.
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.
This development comes few days after the NNPC said it is grappling with severe financial challenges as it battles mounting debt to petrol suppliers. In a press statement released on Sunday by the Chief Corporate Communications Officer, Olufemi Soneye, NNPC acknowledged reports circulating in national newspapers about its significant debt obligations.
The company revealed that the financial strain has placed immense pressure on its operations, posing a potential threat to its ability to maintain consistent fuel supply across the country.
“The financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply,” the statement read.
As the nation’s principal fuel supplier, NNPC plays a critical role in ensuring the availability of petroleum products, a responsibility underscored by the Petroleum Industry Act (PIA). The company reaffirmed its commitment to this duty, despite the current challenges, stating, “NNPC Ltd remains dedicated to its role as the supplier of last resort, ensuring national energy security.”
Recently, the NNPC revealed a record-breaking net profit of ₦3.297 trillion for the financial year ending December 2023, marking a significant increase of ₦749 billion, or 28%, from the ₦2.548 trillion profit reported for 2022. The company had also declared a substantial final dividend of ₦2.1 trillion.
This however is at variance with its declaration of facing financial challenges.
Melissa Enoch
Follow us on:
https://www.youtube.com/watch?v=OJIjZLlMtL8 A video of a pastor who did not have such a merry Christmas because…
Bauchi Governor Bala Mohammed has criticised Tinubu’s tax reforms, calling them anti-North and a threat…
Former APC Chairman for the Northwest Salihu Lukman has declared APC "practically dead," citing lack…
Ukrainian President Zelensky has condemned Russia's deliberate attack on energy infrastructure, causing widespread power outages…
NDLEA operatives in Kano have arrested 34 suspects, seized illicit substances, and dislodged drug joints…
Over 1,500 inmates escaped from Mozambique's high-security Machava prison, sparking deadly clashes and raising security…
View Comments
TOKUNBO VEHICLE FOR SALE AT CHEAPER AFFORDABLE PRICE.
BAG OF RICE AND VEGITABLE OIL ARE ALSO AVAILABLE, OFFICER IN-CHARGE Omar VIA: O8O__6739__9O9O
*BAG OF RICE 50KG ₦30,000
*VEGETABLE OIL 25LITER ₦18,500
*SOME AVAILABLE TOKUNBO VEHICLES*
Golf 2,3,4 ₦250,000 -₦650,000
Toyota Camry 2.2 Tiny-Light ₦1.5M
Toyota Camry Big-Daddy ₦1.7M
Toyota Camry Muscle ₦2.1M
Toyota Camry Spider ₦2M
Toyota Avelon ₦1.7M
Toyota Avensis ₦1.8M
Toyota Corolla ₦2.2
Toyota Yaris ₦2M
Toyota Matrix ₦2.2M
Toyota Picnic ₦1.9M
Toyota Sienna ₦2.5M
Toyota Venza ₦3.6M
Toyota Rav4 ₦3.9M
Toyota 4Runner ₦4M
Toyota Hiace-Bus ₦2.5M
Toyota Highlander ₦3.8M
Toyota Land Cruiser ₦7M
Toyota Tundra ₦6.8M
Toyota Prado ₦4.2M
Mercedes-Benz C-Class ₦4.6M
Mercedes-Benz E-Class ₦4.7M
Mercedes-Benz G-Class ₦4.5M
Mercedes-Benz GLK ₦4M
Mercedes Benz ML350 ₦4M
Nissan Altima ₦2.8M
Nissan Armada ₦3.1M
Nissan Maxima 3.2M
Nissan Murano ₦3.5M
Nissan Primera ₦2.5M
Nissan Pathfinder ₦4.5M
Honda Accord ₦3M
Honda City ₦2.9M
Honda Civic ₦3M
Honda C-RV ₦3.2M
Honda Crosstour ₦2.9M
Honda Element ₦2.8M
Honda Evilspirit ₦3M
Honda Odyssey ₦3M
Honda Pilot ₦4M
Lexus Rx330 ₦3.5M
Lexus Rx330 ₦4M
Lexus Rx350 ₦5.2M
Lexus Gx470 ₦5.5M
Acura TL ₦3.5M
Acura MDX ₦3.2M
Acura ZDX ₦3M
Land Rover Discovery ₦5.8M
Land Rover Freelander ₦4.6M
Land Rover Vogue ₦5.3M
Range Rover Sport. ₦6.5M
Tippers and Trucks are also available for sale,
Installmental payment's is allowed.
Note:We deliver nationwide.