NNPCL Faces $6 Billion Debt and Raises Petrol Price to N855 per Litre Amid Fuel Supply Challenges

Nigerians may be facing tougher economic times as the Nigerian National Petroleum Corporation Limited (NNPCL) raises the price of petrol to N855 per litre. This change coincides with NNPCL’s ongoing struggle with a $6 billion debt crisis tied to its overseas supply chain.

Despite the removal of the subsidy by the Nigerian government, NNPCL has maintained its fuel price at N617 per litre until now. However, recent adjustments have seen prices soar, creating long lines at fuel stations nationwide.

Olufemi Soneye, NNPCL’s chief corporate communications officer, acknowledged that the rising fuel prices are contributing to the queues, describing the current fuel supply situation as unsustainable.

Earlier this year, rumors suggested that NNPCL was struggling to meet the demand for fuel supplies, with delayed PMS payments exceeding $3 billion. Although claims persisted that the Federal Government was still subsidizing petroleum products, these assertions were repeatedly denied.

Photographs of the new pump prices have been widely shared on social media, sparking discussions about the impact on everyday life.

During a morning commute, our reporter observed large crowds at bus stations, as people tried to go about their daily routines amid the rising cost of transportation.