In a move that has sent shockwaves through the nation, unconfirmed reports suggest that NNPC Retail Management has approved a significant hike in the pump price of Premium Motor Spirit (PMS), also known as petrol, from N617/liter to a staggering N897/liter.
The rumored increase, which is said to take effect today, September 3, 2024, has already sparked widespread concern and uncertainty across Nigeria.
The alleged directive, reportedly communicated to fuel station owners and managers nationwide, instructed that all price indicators—pumps, totems (price boards), and Mobile Interactive Devices (MIDs)—be updated to reflect the new pricing.
If implemented, this would represent one of the most dramatic price increases in recent memory, with far-reaching implications for the Nigerian economy.
However, amidst the growing anxiety, there remains a cloud of uncertainty. The Chief Corporate Communications Officer of NNPC Limited, Femi Soneye, in an interview with ‘AIT Live’, stated that he could not confirm the development at the time of the report.
“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,” Soneye said, leaving Nigerians in suspense.
The possibility of a nearly 50% increase in fuel prices has already begun to stir unrest, with Nigerians expressing fears over the potential ripple effects on transportation costs, the prices of goods and services, and the general cost of living.
The timing of this rumored hike is particularly concerning, given the country’s ongoing economic challenges, including high inflation and a weakened naira.
Industry experts speculate that the alleged price increase could be driven by a combination of factors, including the NNPC’s current debt crisis, volatile global oil prices, and a push towards the deregulation of the petroleum sector.
However, with no official confirmation or explanation from NNPC Retail Management, these remain educated guesses.
As the news continues to circulate, Nigerians have taken to social media platforms to voice their frustrations and demand government intervention.
Calls for transparency and accountability are growing louder, with citizens urging the authorities to consider the economic hardships many are already facing.
The situation remains fluid, with the public awaiting further clarification from NNPC Limited and other relevant stakeholders.
Should the price increase be confirmed, it will undoubtedly fuel further debate on the direction of Nigeria’s energy policies and the role of government in managing the sector for the benefit of its citizens.
For now, the nation holds its breath, hoping for a resolution that mitigates the impact on everyday Nigerians who are already struggling to make ends meet in a challenging economic environment.