KOREDE DAMIFOGO
Less than 48 hours after admitting it’s owing petrol suppliers over $6billion, the Nigeria National Petroleum Corporation Limited (NNPCL), has increased pump price in all its retail stations by N287/litre, BUSINESSINSIDERNG can authoritatively report.
It could be recalled that NNPC has admitted to significant debts owed to international oil traders, exacerbating fuel scarcity across Nigeria and leading to longer queues at filling stations.
On Sunday, the NNPC revealed that financial strain, attributed to a debt of approximately $6 billion, is impacting its ability to consistently supply petrol.
This admission follows weeks of denial regarding the extent of its financial obligations, which have reportedly hampered the procurement of imported fuel products.
However, BUSINESSINSIDERNG gathered that on Tuesday, NNPCL increased pump price from N568/litre to N855/litre, thereby, leading to outrage by motorists.
Motorists have, however, gathered that the increment would lead to increase in fare across the country.
A staff member of an e-hiring service, Jelil Afeez, expressed concern about the impact of fuel scarcity on operations, citing that he was shocked when he got to NNPC retail outlet to see N855/litre on Tuesday morning.
“I got to filling stations to see N855/litre this morning. It was so annoying and I don’t even know what to do. How much will independent marketers now sells? He asked rhetorically.
A commuter, Abiola Olatunde, expressed frustration over a fare increase from Ikeja to Ogba, questioning why the fare had risen from N200 to N400.
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Njoku Agbakansi lamented that N3,000 worth of fuel, which used to last a day, now requires a budget of N15,000 per week, depending on travel distance. She urged the government to resolve the issues in the petroleum sector or step aside, emphasizing the widespread impact of fuel prices on daily expenses.
Henry Okeke, a motorist from Gbagada, Lagos, expressed his dismay at the unreliability of the fuel supply system. He recounted a lengthy wait to secure fuel for a journey to Epe and questioned whether this was the standard Nigerians should accept.
Osagie Moses, a motorist travelling from Ikeja to Iyana-Ipaja, criticized the stress and high fuel prices, stating that the transport fare remains within N300/N400 per trip despite rising costs.
Akin Joshua described buying fuel at Egbeda for N950 per litre, noting that passengers are complaining and seeking cheaper fares, which is impacting transporters who face high costs at filling stations.
Major cities like Lagos, Abuja and other parts of the country are experiencing severe fuel shortages, with prices at some stations reaching as high as N1,200 per litre.