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See the Amount NNPC Stations Raise Petrol Prices To, Amid Ongoing Fuel Shortages

Published by Tope Fakinlede on September 3rd, 2024.

See the Amount NNPC Stations Raise Petrol Prices To, Amid Ongoing Fuel Shortages

NNPC Limited filling stations in Lagos have increased petrol prices to N855 per liter due to ongoing fuel shortages, according to Nairametrics. On Tuesday morning, some stations in Lagos were charging between N865 and N897 per liter, up from the previous N568 per liter.

This price hike follows NNPC’s recent acknowledgment of its struggle to supply petrol to local marketers, exacerbated by its debt to international oil traders. Fuel shortages have led to long queues at filling stations in major cities, leaving many Nigerians struggling to refuel.

NNPC has admitted to significant debt to petrol suppliers, which has strained its ability to maintain a steady fuel supply. Despite this, NNPC is committed to fulfilling its role as the “supplier of last resort” under the Petroleum Industry Act (PIA), working with government agencies and stakeholders to ensure fuel availability.

Fuel scarcity is impacting major cities like Lagos and Abuja, where vehicles are lining up at the few open stations. NNPC has also denied reports of owing a $6.8 billion fuel subsidy debt, which some believe is contributing to the current supply issues.

In the meantime, major roads in Lagos and Abuja are noticeably less busy, as motorists are unable to obtain petrol. Some NNPC stations remain closed, with drivers waiting in hopes they will reopen. Prices for petrol across the country ranged from N840 to N1,000 per liter yesterday.