The Nigerian National Petroleum Company Limited (NNPCL), on Tuesday, hiked its pump price from N617 per litre to N897/litre.
Reports said at the retail outlet on Olusegun Obasanjo Way, Abuja, the adjustment was effected at about 12:35pm.
The station was besieged by armed soldiers, policemen and other security operatives waiting to avert any crisis resulting from the hike.
The increase followed an unconfirmed report quoting the NNPCL Retail Management has approved the upward review decision.
The unconfirmed notice reads: “PMS PRICE REVIEW Good Morning All, “This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September, 2024.
“Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter.”
NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, could not confirm nor deny the story.
Nonetheless, most of NNPCL retail outlets in Abuja stopped vending the product in the afternoon.
Several other were apparently waiting for instruction.
Reacting, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said it has received directive from NNPCL that there is a N240 per litre increase.
Reports quoted the National President of IPMAN, Alhaji Abubakar Maigandi, as saying that marketers were trying to figure out what their new pump price would be.
“NNPCL has notified us that the price has been increased by N240/litre. So we are trying to calculate what we will be our own pump price,” he stressed.