Bayo Onanuga, a special adviser to President Bola Tinubu on information and strategy, revealed in a post on X on Tuesday that the Nigerian National Petroleum Company Limited (NNPCL) Limited has acknowledged facing financial difficulties as a result of its inability to continue subsidising petrol.
The national oil business will go bankrupt, he claimed, if the NNPCL keeps paying the difference between the landing cost and petrol price.
According to Onanuga, NNPC’s debt was not the product of government deceit but rather the company’s attempts to safeguard Nigerian consumers and absorb growing petrol costs.2
Onanuga predicts that the enormous demand for foreign currency to import petroleum goods would also decline.
Prior to this, the NNPCL raised the price of petrol to N855 per liter; however, the Premium Motor Spirit (PMS) had a landing cost of almost N1,200.
TimesNow.com.ng reported that Billy Gilly-Harry, the president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has warned Nigerians to expect an increase in petrol prices shortly, stating that fuel will now be sold at prevailing market rates.
He made this statement while appearing on Channels Television’s Morning Brief on Tuesday, September 3, 2024.
Gilly-Harry also indicated that maintaining the current petrol price of around N600 per litre may become unsustainable as the Nigerian National Petroleum Company Limited faces challenges in ensuring adequate fuel supply across the country.
Source: TimesNow.com.ng
