This development may be a confirmation of earlier claims that the price will be reviewed upward to reflect the nation’s current foreign exchange rate and fuel landing cost.
By Saidu Idris
365Daily – Nigerians have expressed dismaÿ over the sudden rise in the pump price of petrol from N650 to N855 amidst biting economic woes.
Many were seen stranded at bus stops as transportation cost increased abruptly.
Fuel dispensers at the government-owned Nigeria National Petroleum Company Limited (NNPCL) stations displayed the new price on Tuesday, September 3, 2024. Other retailers were selling between N900 to N1000 per litre.
This development may be a confirmation of earlier claims that the price will be reviewed upward to reflect the nation’s current foreign exchange rate and fuel landing cost.
As at the time of filing this report, the NNPCL was yet to issue a statement on the matter.
There has been queues in filling stations for a weeks now, and only last Thursday, the government issued a statement denying reports that the official fuel price had increased to N1,000.
“The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” said the statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri.