There are indications that fuel prices may rise again soon as the Nigerian National Petroleum Company (NNPC) faces challenges in settling its debts.
The NNPC owes $6 billion to fuel suppliers and is having a hard time meeting the high fuel demand.
This debt problem is causing long lines at gas stations all over the country, with many Nigerians spending hours waiting to fill up their tanks.
Things are getting worse every day, and there are worries that Nigeria might run out of fuel soon.In response to the situation, the federal government, represented by the Minister of State for Petroleum, Heineken Lokpobiri, has urged the NNPC to adjust its pricing approach to prevent smugglers from selling fuel outside Nigeria.
Lokpobiri highlighted that the NNPC’s existing pricing system promotes smuggling because fuel is sold at a lower rate compared to neighboring countries.
Lokpobiri stated, “NNPC imports PMS and sells to marketers at perhaps N600 or below, there’s no way that smuggling can stop.”
“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 remarks coincide with reports of certain states where a few gas stations are already charging nearly N1,000 for a liter of petrol.
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