The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,025 per litre from the previous N980 per litre in Lagos and surrounding areas.
Announced on Tuesday, this marks the third price adjustment within September and October 2024 as part of the government’s deregulation policy, which allows prices to vary based on supply and demand.
Analysts are questioning this latest hike, especially with crude oil prices on the global market falling by about 8% to $72 per barrel from $78. Meanwhile, reports from Abuja show petrol prices have reached N1,060 per litre.
Many NNPCL filling stations promptly updated their prices, though some independent stations were unaware and continued to sell at the previous rate. The depreciation of the Naira, currently at N1,664 per dollar, continues to influence fuel prices nationwide.
