NNPCL Restates N860 Per Liter as Fuel Pump Price

The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its stance on the official pump price of petrol, maintaining that it remains N860 per liter in Lagos and N880 per liter in the Federal Capital Territory (FCT).

This comes despite reports emerging last week that some of its petrol stations in both Lagos and FCT were selling the product at prices ranging from N970 to N990 per liter.

The development has sparked widespread concern among motorists and commuters, who are already grappling with the economic challenges posed by the current economic situation.Many have taken to social media to express their frustration, sharing photos and videos of petrol stations displaying the higher prices.

However, the NNPCL has insisted that the official prices remain unchanged, and that any of it stations found to be selling above the approved rates will face severe sanctions.

In a statement, the company’s management emphasized its commitment to ensuring that petrol is sold at the regulated prices, and urged motorists to report any instances of price gouging to the relevant authorities.

The DPR, which is responsible for regulating the petroleum industry, has also weighed in on the matter, warning petrol stations that they will face severe penalties if found to be selling above the approved prices.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that it will be conducting a nationwide audit of petrol stations to ensure compliance with the regulated prices. Stating,that the audit will help to identify and sanction any stations found to be selling above the approved prices.

As the situation continues to unfold, motorists and commuters are advised to remain vigilant and to report any instances of price gouging to the relevant authorities. The NNPCL and the DPR have assured the public that they are working tirelessly to ensure that petrol is sold at the regulated prices, and that those found to be engaging in price gouging will face the full weight of the law.