The Nigerian National Petroleum Company Limited (NNPC) announced on Tuesday that the price of petrol has been increased to N897 per litre, up from the previous official rate of N617. 

This adjustment follows recent statements from the national oil company regarding significant financial pressures due to a substantial debt of approximately $6.8 billion owed to international suppliers. 

BrandIconImage noted that numerous NNPC filling stations in Abuja have already implemented the new price, with their downstream facilities now charging N897. 

In contrast, independent filling stations were observed selling petrol at prices ranging from N930 to N950 during visits by our correspondent to various locations in Abuja. 

Additionally, a communication to depot owners, reviewed by BrandIconImage, confirmed this price hike. 

The message stated, “This is to inform you that NNPC Retail Management has approved an increase in the PMS pump price from N617/litre to N897/litre, effective today, 3rd September 2024. 

“Please ensure that all your pumps and price boards reflect the new PMS price of N897/litre,” it concluded.