Kehinde Fajobi
Major oil marketers across Nigeria have raised the price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,010 to ₦1,050 per litre, reflecting a 4% increase in Lagos and surrounding areas.
This increase follows a recent adjustment by the Nigerian National Petroleum Company Limited (NNPCL), which raised the price of PMS to ₦1,025 per litre, up from ₦980 in Lagos and nearby regions.
The NNPCL change, announced on Tuesday, marks the third price hike in September and October 2024, aligning with the government’s deregulation policy that permits price fluctuations based on supply and demand.
Independent oil marketers have also adjusted their prices, now ranging from ₦1,100 to ₦1,200 per litre, up from around ₦1,060, with prices varying depending on location.
An investigation by Vanguard indicated that deregulation leads to slight price differences among filling stations, though some stations maintain similar pricing.
Meanwhile, analysts have noted the recent price increase despite a fall in global crude oil prices by about 8%, from $78 to $72 per barrel, and the Naira’s continued depreciation, which now stands at ₦1,664 per dollar, impacting fuel prices nationwide.