&w=64&q=75)
The Nigerian National Petroleum Company Limited (NNPCL) has sparked nationwide concern after increasing the Premium Motor Spirit (PMS) pump price, commonly known as petrol, to ₦855 per litre at an Ikoyi filling station in Lagos.
As seen in a video circulating on social media, this marks a significant jump from the previous price of ₦568 per litre.
This development comes just a day after the NNPCL disclosed that it had accumulated a staggering $6 billion in debt, adding further pressure to the already strained fuel market.
In a related event, Aliko Dangote, CEO of Dangote Group, unveiled a sample of petrol produced at the newly operational Dangote Refinery.
READ ALSO: Dangote speaks on fuel prices, predicts sale of petrol in 48hrs
Speaking on the impact of his refinery’s production on fuel pricing, Dangote noted that the Federal Executive Council, under President Bola Ahmed Tinubu, is finalising a new petrol pricing structure.
Dangote assured Nigerians of the high quality of the petrol produced at his refinery, stating, “The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality.”
As the nation grapples with the sudden price hike, many wonder how the new petrol production will affect the volatile fuel market in Nigeria.