NNPC Raises Petrol Price, Marketers Urged to Top Up Payments to Avoid Losses

The NNPC has increased petrol prices and instructed petroleum marketers to make additional payments to cover the new rates or risk losing their purchases. Marketers were directed to top up payments made through the online portal to align with the new petrol prices.

The Nigerian National Petroleum Company Limited clarified that the fund management would fall under the Nigerian Midstream and Downstream Petroleum Regulatory Authority. This move comes after the Independent Petroleum Marketers Association urged the NNPC CEO to address payment backlogs on the company portal.

The association also highlighted concerns over outstanding payments and the petroleum equalisation fund scheme.