The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol, also called Premium Motor Spirit (PMS), in its filling stations. In Abuja, the price rose from N965 to N990 per litre, while in Lagos, the price jumped from N925 to N960 per litre.
This price adjustment comes amid a slight decline in global crude oil prices. Checks at several filling stations revealed that the new prices have been implemented.
At some stations in Abuja, petrol was sold for as high as N1,030 per litre, while others maintained prices ranging from N990 to N1,000 per litre. Along Lagos-Ibadan Expressway, stations like TotalEnergies and Petrocam sold petrol for N985 and N1,000 per litre, respectively.
The price increase aligns with Nigeria’s deregulated petroleum market, where costs fluctuate based on demand and supply. A source at a private depot confirmed that loading operations at the Dangote Refinery resumed fully on Monday, with bulk marketers adjusting depot prices to between N965 and N975 per litre.
A tricycle rider in Lagos complained about the sudden hike. “We thought they wanted to bring down the price initially, but it is going up again,” he said while searching for passengers.
Oil expert Olatide Jeremiah noted that these changes reflect market forces, emphasizing that deregulation helps address scarcity and ensures fair competition.
Global crude oil prices saw a slight drop earlier in the week. Brent crude oil futures traded at $79.98 per barrel, marking a decline from $81 last Friday.
As Nigerians adjust to the new pump prices, experts warn of potential further increases, especially with ongoing market shifts and global oil dynamics.
