In a move that is set to have far-reaching implications, the Nigerian National Petroleum Company (NNPC) Limited has introduced a significant price hike for petrol, effective Tuesday, September 3, 2024. The cost per litre has surged from about N580 at NNPCL stations to N855, affecting consumers across all regions of Nigeria.
This sudden and substantial increase is anticipated to have a profound impact on various aspects of the economy, including transportation costs, the prices of goods and services, and overall economic activities. The timing of this hike is particularly challenging, as Nigeria is already navigating through economic difficulties, making the rising cost of living a pressing issue for both households and businesses.
The decision by NNPC to implement this new price has elicited strong reactions from various quarters, with many Nigerians expressing deep concern about the escalating cost of living. As the new price takes effect, the nation will be closely monitoring the responses from the government and other stakeholders, as well as the potential impact on daily life and the broader economic landscape.
The price adjustment follows recent admissions by NNPC regarding the financial strain it faces due to the high costs associated with importing petrol. This strain, coupled with a significant debt to suppliers, has placed considerable pressure on the company's ability to sustain current fuel prices.
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