Kehinde Fajobi
The Nigerian National Petroleum Company Limited (NNPCL) has raised the cost of Premium Motor Spirit (PMS), commonly referred to as petrol, to ₦1,025 per litre, up from N980 in Lagos and nearby regions.
This change, announced on Tuesday, is the third price adjustment in September and October 2024 and reflects the government’s deregulation policy, which permits fluctuations in prices based on market supply and demand.
Analysts have expressed confusion over this latest increase, especially as global crude oil prices have fallen by around 8%, from $78 to $72 per barrel. Furthermore, reports indicate that petrol prices in Abuja have risen to ₦1,060 per litre.
While many NNPCL filling stations quickly implemented the new prices, some operators remained unaware of the change and continued to sell at the previous rate.
Additionally, the persistent depreciation of the Naira, which is currently valued at ₦1,664 per dollar, continues to influence fuel pricing across the country.