The Nigerian National Petroleum Corporation Limited (NNPCL) has increased its pump price to N855 per litre.
With this development, Nigerians are in for harder times.
This comes just as the NNPCL management admitted that it was facing a debt challenge to the tune of $6 billion from its supply chain abroad.
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●Brace Up For Higher Fuel Prices, Oil Marketers To Nigerians
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While the prices have varied since the removal of the subsidy by the Nigerian government, NNPCL had retained its fuel price at N617 per litre.
A statement by its Chief Corporate Communications Officer, Olufemi Soneye, subtly confirmed that the debt was the cause of fuel queues springing up at filling stations across the country, lamenting that it is impacting supply sustainability.
There were speculations that the national oil company began struggling to meet fuel supply demands early this year when late PMS payments surpassed $3 billion.
Even at that, the Federal Government had consistently debunked claims that it was still subsidizing petroleum products.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
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