The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of premium motor spirit (PMS), popularly known as petrol
Just last month, on December 23, 2024, the national oil company had reduced the retail price of petrol at its outlets from N1,025 to N925 per litre.
However, as of Tuesday, NNPC retail outlets in Lagos were selling petrol at a new price of N960 per litre, marking a N35 increase.
This price hike may impact consumers and businesses relying on petrol for transportation and operations.
The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.
This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote Refinery, expected to reshape the fuel supply chain in Nigeria.
