The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of premium motor spirit (PMS) also known as petrol in Lagos and its environs.
On December 23, 2024, the national oil company reduced the retail price of petrol at its outlets to N925 per litre from N1,025 per litre in Lagos.
However, on Tuesday, Our correspondent noticed that the petrol price at NNPC retail outlets had increased from N925 to N960 per litre.
Checks by our correspondent at some of the filling stations indicated that the price has been adjusted.
The amount is N20 or 2.1 per cent more than the N970 retail price announced by the Dangote Refinery in partnership with MRS filling station, Ardova, and Heyden.
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.
Recall that on Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.
The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry.
Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.
At an NNPCL outlet at Airport Junction, Abuja, our correspondent observed that the station sold at N990 per litre from N965 it sold on Monday.
Another station at Life Camp listed its products at N970 per litre but was not selling to waiting for customers when our correspondent visited.
Another station at Mabuchi was still selling at its previous price of N965 per litre.
Meanwhile, major and independent marketers have increased petrol prices to a peak cost of N1,030 per litre.
Checks by our correspondent showed that filling stations located along Airport Road, Central Area, and Nyanya increased their retail cost between N990 and N1,030 per litre.
The amount represents an increase of N60 or 6.18 per cent from N970 it sold its products last week Friday.
Aym Shafa and Matrix filling stations along the Airport Road sold at N1,000 per litre while Shema station sold at N1,030.
As petrol consumers adjust to the new pump price, experts predict further changes in petrol pricing as Nigeria continues to align its energy policies with global market realities.
A source at the private depot informed that loading activity commenced fully on Monday with bulk marketers loading products from the Dangote refinery.
The source said, “Refined petroleum sales commenced fully today with no issues at all. Marketers have increased their prices between N965 and N975 per litre at depots but at filling stations, a litre increased above N1,000 in Lagos. In Akwa Ibom, prices increased to N1,100.”