The Nigerian National Petroleum Company Limited (NNPC) raised the pump price of petrol from the official rate of N617 per litre to N897 per litre as observed today Tuesday, September 3rd 2024. This increase follows recent statements by the national oil company acknowledging severe financial constraints due to a substantial debt of $6.8 billion owed to international suppliers.
Reports indicate that many NNPC filling stations in Abuja and other major cities across Nigeria have already implemented the new price, with their downstream facilities selling petrol at N897 per litre.
Meanwhile, the federal government has refuted viral claims suggesting that the Ministry of Petroleum had instructed NNPC to sell fuel at N1000 per litre, exceeding the approved pump price. The report alleged that the Minister of State for Oil and Gas, Hon. Heineken Lokpobiri, had directed NNPC to implement the higher price.
In response, a statement issued on Tuesday by the Minister’s aide, Nnemaka Okafor, dismissed the report as baseless and ill-intentioned, aimed at creating confusion and discord within the oil industry. Nnemaka clarified that at no point did the federal government interfere with petroleum pricing decisions at NNPC, let alone issue directives for a price increase.
She stated, “The Federal Government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Honourable Minister for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited (NNPCL) to inflate petroleum prices above the approved pump price.
“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent.
“We challenge anyone in possession of any evidence—be it written documents, audio, or video recordings—that supports these fabrications to make it public.
“Such a claim is entirely devoid of truth and should be recognized as an intentional effort to mislead the public.
“It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors.
“The Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters. Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector.”
