By Fatima Saka
The Nigerian National Petroleum Company Limited (NNPCL) has revised the retail price of premium motor spirit, commonly referred to as petrol, to N897 per liter.
This adjustment comes shortly after NNPCL expressed concerns about the financial strain caused by the existing petrol price, resulting in a debt of over $6 billion to petrol suppliers.
On Tuesday, noticeable changes were observed at NNPCL stations in the Central area of Abuja and certain parts of Lagos State, where the petrol price was increased to N897.
The price hike was implemented following an unofficial report suggesting that the NNPCL Retail Management had sanctioned the decision to raise the price.
The unverified notification stated: “PMS PRICE REVIEW Good Morning All, “This is to inform you that NNPC Retail Management has approved an increase in PMS pump price from N617/liter to N897/liter, effective today, 3rd September, 2024.
“Kindly ensure that all your pumps, totems (price boards), and MIDs reflect the new PMS price of N897/liter.”
