The Nigeria National Petroleum Company Limited (NNPCL) has adjusted the petrol pump price at its filling stations in Lagos to ₦855 per liter.
This is coming two days after the Nigeria-owned oil company cried out that its operations of solely importing refined petrol into the country have been hit hard.
NNPC, in its statement on Sunday, admitted also that it is finding it hard to meet its financial obligations to International Oil Companies (IOCs).
NNPC owes IOCs about $6 billion. In its 2024 financial report, NNPC also declared that it made a profit of ₦3.3 trillion in the financial year 2023.
“NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
“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,” the statement read.
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