The Nigeria National Petroleum Company Limited (NNPCL) has increased the petrol pump price at its Lagos filling stations to ₦855 per liter. This adjustment follows the company’s recent announcement of significant financial difficulties due to its role as the sole importer of refined petrol into Nigeria. NNPCL acknowledged that it is struggling to meet its financial obligations, including a $6 billion debt to International Oil Companies (IOCs).
Despite these challenges, NNPCL remains committed to ensuring the nation’s energy security as required by the Petroleum Industry Act (PIA). The company is working with government agencies and stakeholders to maintain a steady supply of petroleum products. In 2023, NNPCL reported a profit of ₦3.3 trillion, but the financial strain has led to the recent price hike.
Nollywood actress and activist Kate Henshaw highlighted the price increase on social media, sharing that her driver noticed the change when he went to buy fuel. The price hike represents an increase of over ₦200 per liter, reflecting the growing pressures on NNPCL’s operations.