Petrol Price: ‘We Are In Deep Pain’ – Nigerians Knock Tinubu Govt

Nigerians were shocked earlier in the week following the announcement of a new petrol pump price by the Nigerian National Petroleum Company Limited, NNPCL.

The NNPCL increased its retail price from N617 to N857 per litre on Tuesday, a development that has worsened the suffering and hardship in the country.

Petrol queues across the country, especially in Abuja, have lasted over two months now, but the situation has now worsened amid the present pump price increase, with only few filling stations dispensing the product.

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Meanwhile, there are also concerns that even with the high price of the commodity, the meters are being adjusted by the filling stations, including the government-owned ventures, thereby short-changing the people.

This comes just as the NNPCL management admitted that it was facing a debt challenge to the tune of $6billion from its supply chain abroad.

The pump prices had varied since the May 29, 2023 removal of subsidy by the Nigerian government. While the NNPCL had retained its fuel price at N617 per litre while other retailers sold at different higher prices.

The company, through a statement by its Chief Corporate Communications Officer, Olufemi Soneye, had subtly confirmed that the debt was the cause of fuel queues springing up in filling stations across the country, lamenting that it is impacting supply sustainability.

There were speculations that the national oil company began struggling to meet fuel supply demands.

Even at that, the Federal Government had consistently debunked claims that it was still subsidizing petroleum products.

The latest development is having a ripple effect on the masses, with private retailers selling at N900 and above. The queues have also refused to clear up.