NNPCL hikes petrol pump price to N897/litre, IPMAN calculates own price

The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday hiked its pump price from N617 per litre to N897/litre.

The increase was said to have followed an unconfirmed report stating that the NNPCL Retail Management has approved the upward review decision.

The unconfirmed notice reads: “PMS PRICE REVIEW Good Morning All, “This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September, 2024.

“Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter.”

NNPCL Chief Corporate Communications Officer, Mr. Olufemi Soneye could not confirm nor deny the story.

He said, “Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding.”

But it was observed that most of NNPCL retail outlets stopped vending in Abuja from the early morning.

They seem to be waiting for fuether the instruction on what to do.

The National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Maigandi, said it has received directive from NNPCL that there is N240 per litre increase.

Maigandi, told The Nation that marketers were trying to figure out what their new pump price would be.

“NNPCL has notified us that the price has been increased by N240/litre. So we are trying to calculate what we will be our own pump price,” he said.

Culled from The Nation