NNPC Raises Petrol Prices to N855/Litre in Lagos, N897/Litre Elsewhere

The Nigerian National Petroleum Company Limited (NNPC) has increased the price of Premium Motor Spirit (PMS) from N568-N617 per litre to N855-N897 per litre, effective September 3, 2024.

The new prices were revealed in an internal communication, although NNPC has not officially confirmed the hike.

NNPC filling stations in Lagos and Ibadan are already selling at N855 and N865 per litre, respectively.

This significant price increase will impact consumers, transportation costs, and the prices of goods and services nationwide.

The hike comes amidst NNPC’s reported financial struggles, including mounting debt to petrol suppliers and severe financial challenges that threaten consistent fuel supply.

NNPC, despite these challenges, reaffirmed its commitment to ensuring national energy security as the nation’s principal fuel supplier.

Interestingly, the company recently reported a record-breaking net profit of ₦3.297 trillion for the 2023 financial year, contradicting its declaration of financial difficulties.