Just two days after reporting that rising petrol costs had driven it into over $6 billion in debt, the Nigerian National Petroleum Corporation (NNPC) Limited raised its fuel price from N617 to N897 per litre on Tuesday morning.
Sources revealed that retail outlets were instructed to increase petrol prices following approval from NNPC Retail Management for an upward review of PMS pump prices.
This move comes shortly after the company acknowledged difficulties in fuel importation due to an $8 billion debt. However, when contacted by our correspondent, NNPC spokesperson Olufemi Soneye declined to comment. The directive to raise prices was forwarded to Soneye for confirmation by our correspondent, who sought clarification on whether the statement originated from Waffi TV.
Our correspondent learned from depot operators that an additional N250 had been added to the pump price. It was also noted that some major marketers had increased their pump prices to N860 per litre.
Earlier, Waffi TV reported that the petrol pump price might approach N1,000 within a few days.
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