How NNPCL stabilized fuel at N618 for one Year By MIMI LIKITA

 

According to a report from The Vanguard, The Nigerian National Petroleum Company Limited (NNPC) has reacted to the recent surge in fuel prices at filling stations across the country, which saw prices rise by over 56% to N867 per litre from the previously quoted official prices of N567 and N617.

The drastic price adjustment, which took effect on Tuesday, September 4, 2024, left Nigerians in shock as NNPC-operated stations nationwide began dispensing fuel at over N867 per litre.

This marks a significant shift from the earlier prices of N567 and N617 per litre that had been in place.

Despite the public outcry and growing concern over the fuel price hike, there appears to be no indication of a reversal

The federal government has defended the decision, citing economic factors that led to the increase.

Other major oil marketers, including Ardova Plc, Conoil Plc, MRS Oil Nigeria Plc, and TotalEnergies Marketing Nigeria Plc, also followed suit, adjusting their pump prices from an average of N618 to above N800 per litre.

Independent filling stations, particularly in states outside major cities, have seen prices soar even higher, with some locations reporting rates between N900 and N1,000 per litre.

The price increase gained widespread attention following a viral message on social media attributed to NNPC Retail, which stated: “Good Morning all, This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from N617/litre to N897/litre effective today, 3rd September 2024."

However, in response to the growing controversy, NNPC has distanced itself from the message.

The managing director of NNPC Retail, Huub Stokman, in a report by AIT, clarified that the viral message was not issued by the company.

"This message was not sent by us. The Corporate Communications team will lead any messages as usual. Please disregard any information suggesting a price hike," Stokman said.

Similarly, Olufemi Soneye, NNPC’s chief communications officer, told Vanguard that he was not aware of any official price increase. "I’m not aware of this. Thank you for reaching out.

I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding."

As fuel prices continue to rise and impact daily life, labor unions, including the Nigerian Labour Congress (NLC), are reportedly preparing to take significant action to address the situation.

Public frustration is mounting as citizens face the economic strain caused by the fuel price hike, while the government and NNPC remain under pressure to provide more clarity on the next steps.