People
NNPCL sells fuel at N855 per litre

Nigerians are in for a bumpy ride as the Nigerian National Petroleum Corporation Limited (NNPCL) has quietly hiked the pump price of petrol to a staggering N855 per litre. This price surge comes on the heels of NNPCL’s recent admission that it is grappling with a crippling $6 billion debt from its supply chain abroad, casting a dark shadow on the nation’s already strained economy.
Despite previous assurances of price stability at N617 per litre since the removal of fuel subsidies, the NNPCL’s latest hike underscores the severity of its financial woes. In a statement, Chief Corporate Communications Officer Olufemi Soneye subtly confirmed that the mounting debt has fueled long queues at filling stations nationwide, as the company struggles to maintain a sustainable fuel supply.
Reports indicate that NNPCL’s financial troubles began earlier this year when delayed payments for Premium Motor Spirit (PMS) crossed the $3 billion mark. While the government continues to deny ongoing subsidies, this latest price jump has sparked widespread outrage and anxiety across the country.
As the news of the price hike spreads on social media, commuters are feeling the pinch. Long queues were seen at bus stops, with many struggling to find affordable transportation amidst the spiraling cost of living.