There are strong indications that the Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across the country.
A recent video circulating online shows that the price of petrol surged to N855 per litre at an NNPCL filling station in Ikoyi, Lagos, a significant increase from the previous price of N568.
This price hike follows a troubling announcement from the NNPCL regarding its financial struggles, including an accumulated debt of approximately $6 billion.
The increase in petrol prices is likely to have wide-ranging implications for consumers and the economy, particularly as Nigerians are already grappling with rising living costs.
The NNPCL’s decision to raise prices comes amid ongoing challenges in the oil sector and a pressing need to address its financial obligations.
As the situation develops, consumers and stakeholders are urged to monitor the situation closely and prepare for potential further changes in petrol pricing.
