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Fuel price hike imminent as NNPCL admits $6.8 billion debt, supply strain
2 years agoAn attendant pumps fuel into a tank at a filling station in Lagos, Nigeria, on April 20, 2021. - Nigeria's economy was already struggling with a fall in the price of oil, Nigeria's major export, and a weak local naira currency, before the global pandemic struck. Now Nigeria's inflation has soared to a four-year high of more than 18 percent in March 2021, with food prices up 22.9 percent, according to the National Bureau of Statistics. (Photo by PIUS UTOMI EKPEI / AFP)
Except the government provides slush funds as subsidy to retain the current fuel price, Nigerians may have to prepare for a further hike in the price of petrol as the Nigerian National Petroleum Company Limited (NNPCL)finally admitted its indebtedness
