The Nigerian National Petroleum Corporation (NNPC) Limited filling stations in Lagos have adjusted the price of petrol to N855 amid ongoing fuel scarcity, Nairametrics has confirmed.
Nairametrics observed on Tuesday morning that some NNPC retail stations in Lagos are selling fuel between N865 to N897 per litre from N568 per liter.
This is coming after the recent admission by the NNPC that its capacity to supply petrol to local marketers is jeopardized by its debt obligations to international oil traders—amounting to approximately $6 billion.
In the past few weeks, fuel queues have been a common sight in major cities across Nigeria, leaving citizens struggling to obtain fuel.
“NNPC Ltd. Has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
“In line with the Petroleum Industry Act (PIA), NNPC Ltd. Remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” Soneye said.
What you should know
Nairametrics earlier reported that Fuel scarcity has returned to major cities like Lagos and Abuja, with vehicles seen queuing at the few filling stations selling petrol.
This comes as NNPC denies owing oil traders a $6.8 billion fuel subsidy debt, which some believe is contributing to the supply challenges.
Major roads in Lagos and Abuja were noticeably empty, as observed by Nairametrics, due to motorists lacking petrol to move around.
Even NNPC-owned filling stations were completely shut, with some motorists waiting in front, hoping the stations would eventually open.
The product was sold yesterday at prices ranging from N840 to N1,000 at various locations across the country.
