The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, from N855 to N998 per litre at its retail outlets in Lagos. This represents a 12.7% increase, or N113 per litre, compared to the previous day’s price.
This unexpected hike, which took effect early in the morning, caught many motorists off guard as they rushed to refuel their vehicles. The price adjustment comes amid ongoing efforts by NNPCL to align its pricing strategies following its recent commencement of petrol lifting from the Dangote Refinery on September 15, 2024.
At that time, NNPCL had introduced a new price template for petrol, initially setting the price at N950.22 per litre for Lagos. However, with this latest increase, the cost of petrol has surged even further.
This development adds to the broader fuel price challenges facing Nigeria, as petrol prices have consistently risen since the partial deregulation of the sector. With petrol being a key commodity for both transportation and economic activities, the increase is likely to have a significant impact on inflation, transportation costs, and daily living expenses for Nigerians.
In related news, fuel prices for both petrol and diesel have been climbing steadily, with the National Bureau of Statistics (NBS) reporting price increases of 32.51% for petrol and 64.58% for diesel. Disagreements over pricing between NNPCL and Dangote have further complicated the issue.
The fuel price situation continues to dominate discussions, as the government and energy experts explore options to mitigate its impact on the economy.
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