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 rate of N980 per litre in Lagos and surrounding areas.
This adjustment, announced on Tuesday, marks the third price change in September and October 2024 and is part of the government’s deregulation policy, which allows prices to fluctuate based on supply and demand dynamics.
The Vanguard News reports that despite the recent increase, analysts express confusion over this move, especially since crude oil prices in the international market have dropped approximately 8% to $72 per barrel from $78 per barrel. Additionally, reports from Abuja indicate that petrol prices there have surged to N1,060 per litre.
Interestingly, many NNPCL filling stations quickly updated their prices, while other operators remained unaware of the change and continued selling at the older rate. The ongoing depreciation of the Naira, which stands at N1,664 per dollar, continues to impact fuel pricing in the country
