Panic buying as NNPC adjusts pump price of petrol to N855 per litre

Nigerians, especially motorists, woke up on Tuesday to discover that the Nigerian National Petroleum Company Limited (NNPCL) had increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦855 per litre from the previous ₦617 per litre at its retail outlets.

This unexpected price hike shocked many Nigerians, prompting them to flock to nearby NNPC retail outlets to refuel.

Other major marketers quickly adjusted their pump prices to reflect the new rate.

Earlier, an unconfirmed statement from the company circulating on Tuesday read, “This is to inform you that NNPC Retail Management has approved an upward review of the PMS pump price from ₦617/litre to ₦897/litre, effective today, 3rd September 2024. Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of ₦897/litre.”

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When contacted by the Nigerian Tribune, NNPC Spokesperson Mr Femi Soneye said he had no comment at that time but promised to provide updates if there were any.

Soneye’s reply read, “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 of the time of this report, Mobil Filling Station in Alausa Secretariat, Ikeja, had adjusted its pump price to ₦865 per litre, up from ₦680 on Monday. Long queues were observed at NNPC filling stations in Ikoyi, and at Mobil, Total, and MRS filling stations at Toll Gate, Ojota, and Alapere in Lagos, respectively. Traffic jams were reported on major expressways, particularly near these filling stations, while Lagos roads appeared less congested overall.

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