Tag: Fuel queues

Nigerians lament, as petrol price hits N1,200/litre in Kano, N855 at NNPCL stations

Aminu Imam
Fuel queues

Fuel prices have increased across the country, leading to scarcity in major filling stations, which has led to transport price increase for passengers plying the roads. The news of the price increase broke yesterday morning, with reports indicating that the  Nigerian National Petroleum Company Limited (NNPCL) retail outlets had adjusted their meters from N568 per litre to N855 per litre in Lagos. The situation has led to widespread fuel queues, causing significant disruptions across Lagos and other parts of the country. The Premium Motor Spirit (PMS), better known as petrol,…

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Petrol scarcity looms, as NNPC incurs $6bn payment backlogs

Aminu Imam
Fuel queues

Long queues have returned to petrol stations across Nigeria, raising concerns about fuel shortages as the Nigerian National Petroleum Company Ltd, (NNPCL), grapples with a $6 billion petrol payment backlog. According to reports, NNPCL owes approximately $6 billion to international traders for imported petrol. Traders have stated that NNPCL is taking more days to make payments, exceeding the usual 90-day period. Reuters indicated that NNPCL’s mounting debt includes overdue payments of $4 billion to $5 billion for January imports, causing several international petrol suppliers to cease participating in recent tenders.…

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