Reports suggest another round of fuel price increases is imminent as the Nigerian National Petroleum Company (NNPC) struggles to pay its debts......Read The Full Article>>.....Read The Full Article>>
The company owes $6 billion to petrol suppliers and is finding it hard to keep up with fuel demand.
The debt crisis has led to long queues at filling stations across the country, with many Nigerians spending hours waiting to buy fuel. The situation is getting worse by the day, and there are fears that the country may soon run out of fuel.
Reacting, the federal government through the Minister of State for Petroleum, Heineken Lokpobiri, has called on NNPC to change its pricing strategy to stop smugglers from selling fuel in other countries.
According to Lokpobiri, NNPC’s current pricing encourages smuggling, as fuel is sold at a lower price than in other countries.
“NNPC imports PMS and sells to marketers at perhaps N600 or below, there’s no way that smuggling can stop,” Lokpobiri said. “When smugglers are taking the products outside the country, even if you put all the policemen on the road, they are Nigerians; you and I know the answer.”
The minister’s comments come as some filling stations in certain states are already selling petrol for almost N1,000 per litre.
