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The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), or petrol, to N1,025 per litre, up from the previous rate of N980 in Lagos and nearby areas. This hike, announced Tuesday, is the third adjustment in recent weeks and aligns with the government’s deregulation policy, which permits fuel prices to respond to supply and demand factors.
The decision to increase petrol prices has puzzled analysts, as global crude oil prices have recently fallen around 8%, dropping from $78 to $72 per barrel. Meanwhile, reports suggest that petrol prices in Abuja have risen even higher, reaching N1,060 per litre.
While several NNPCL stations promptly implemented the new pricing, many independent fuel operators were not immediately informed, continuing to sell at older rates. Additionally, the persistent depreciation of the Naira, now trading at N1,664 per dollar, further impacts fuel costs in Nigeria.
