The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, to N855 per litre.
This development comes after the company announced its financial struggles, including an accumulated debt of approximately $6 billion.
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According to a video circulating online, the new price was displayed at an NNPCL filling station in Ikoyi, Lagos. This represents a significant increase from the previous price of N568 per litre.
The price hike is expected to have far-reaching implications for consumers and the economy, particularly as Nigerians are already grappling with rising living costs.
“We are aware of the current challenges in the oil sector and the need to address our financial obligations,” an NNPCL spokesperson said. “This price increase is necessary to ensure the sustainability of our operations and meet the demands of the market.”
The NNPCL’s decision to raise prices comes amid ongoing challenges in the oil sector and a pressing need to address its financial obligations.
