In light of the ongoing fuel shortage and the nation’s crises, the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of fuel from ₦568 to ₦855, ₦897 (depending on the area) per liter.
News of the price rise was released shortly after NNPCL declared it owed its suppliers over $6 billion in debt.
The price modification was confirmed on Tuesday by journalists reporting from Lagos and Abuja.
While the report from Abuja said price was jerked up to ₦897 per litre, it was gathered that in Lagos, NNPC station at Awolowo Road increased price to ₦855 per litre
Other marketers have since jerked up prices too following NNPCL’s price adjustment, with over 30 per cent increments reported, to around ₦897 per litre.
Reports earlier revealed a hike in the ex-depot price of the product to ₦754 per litre.
Speculations revealed the price was reviewed upward to reflect the global price and to reduce the debt burden on NNPCL.
