The Nigerian National Petroleum Company Limited (NNPC Ltd) on Tuesday, September 3, 2024 effected an increase in the pump price of Premium Motor Spirit (PMS), from N617 to N855 per litre.
The new petrol pump price was displayed at all NNPCL filling stations in Lagos, even as there was no formal announcement by the corporation indicating an upward adjustment in the price of petrol.
The development is coming in the face of fuel scarcity in the country which has led to long queues at various filling stations in most parts of the country.
The NNPCL in a statement by Mr Olufemi Sinoye, Chief Communications Officer on Sunday, September 1, said its debt to petrol suppliers was responsible for the fuel queues across the country, adding that the development posed a threat to the sustainability of fuel supply.
Sonoye however said that the company was working with government agencies to ensure a consistent supply of petrol in the country.
While the prices would be higher in retail outlets of independent and major marketers, NNPC Retail would sell in Abuja N897, in Kano, pump has been fixed for N904, while Yola is trading at N924 per litre.
This comes barely five hours after Dangote released products from its refinery to supply an initial 25 million litres of PMS into the domestic market this September.
The company is now expected to subsequently increase this amount to 30 million liters daily from October 2024.