Success Nwogu 
The Nigerian National Petroleum Company Limited (NNPC Ltd) yesterday astronomically hiked fuel pump prices from between N568 and N617 to between N855 and N950 across the nation.
Though there had been no official statement from Chief Corporate Communication Officer, NNPC Ltd, Olufemi Soneye, confirming or denying the increment, NNPC filling stations have adjusted their pumps to reflect the new price regime.
An internal communication said to have emanated from the NNPC Ltd to its outlets read: “This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/litre to N897/litre effective today, 3rd September, 2024.
Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/litre.” Also a template being circulated in the social media gave the following information: Lagos sites, from N618 to N868; Lekki 1, Lekki 2, Sangotedo, Oribanwa, Idiroko, N619 to N869; Badagry, N625 to N875; Shagamu, N635 to N885; Rivers/Akwa Ibom/ South east sites, N690 to N940; Cross Rivers, N683 to N933; Oyo sites, N640 to N890; Osun/Ekiti/ Ondo sites, N645 to N895; Edo/ Delta sites, N660 to N910; Kano/ Kaduna, N689 to N939; Abuja FCT, Keffi & environ, N668 to N918; Akwanga, N669 to N919; Suleja environ/Kogi/Jos, N670 to N920; Lafia, N673 to N923 and Minna, N680 to N930.
However there has been no official confirmation from NNPC on the above price template. Recall that pump price was about N187 before President Bola Tinubu’s declaration at his inauguration that subsidy was gone; this saw the pump price immediately rising to N540 and later N568 before the current increment.
Though NNPC Ltd through Soneye had denied the return of fuel subsidy, on Sunday, it owned up that the company was having financial strain as a result of indebtedness, which was the major reason for the nationwide scarcity which has seen fuel being sold for as much as N1200 in many places. Soneye said NNPC Ltd acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
He said that the financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply. Soneye added: “In line with the Petroleum Industry Act (PIA), NNPC Ltd remains dedicated to its role as the supplier of last resort, ensuring national energy security.
We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
Meanwhile, Minister for Petroleum Resources (Oil), Heineken Lokpobiri, has refuted media reports that the Federal Government had asked NNPC Ltd to sell at N1,000. Lokpobiri, in a statement signed by Nnemaka Okafor, his media aide, said reports of price directive were “ill-conceived to sow discord and confusion in the oil industry”.
“The Federal Government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” the statement reads.
“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent. We challenge anyone in possession of any evidence-be it written documents, audio, or video recordings-that supports these fabrications to make it public.
“Such a claim is entirely devoid of truth and should be recognised as an intentional effort to mislead the public. It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act, with a fully empowered Board of Directors.” Lokpobiri said the ministry does not, and will not, interfere in the internal decisions of NNPC, including pricing matters.
