The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,025 per litre from the previous rate of N980 per litre in Lagos and surrounding areas.
This adjustment, announced on Tuesday, marks the third price change in September and October 2024 and is part of the government’s deregulation policy, which allows prices to fluctuate based on supply and demand dynamics.
Despite the recent increase, analysts express confusion over this move, especially since crude oil prices in the international market have dropped approximately 8% to $72 per barrel from $78 per barrel. Additionally, reports from Abuja indicate that petrol prices there have surged to N1,060 per litre.
Vanguard reports that interestingly, many NNPCL filling stations quickly updated their prices, while other operators remained unaware of the change and continued selling at the older rate. The ongoing depreciation of the Naira, which stands at N1,664 per dollar, continues to impact fuel pricing in the country
It was learned that the revised prices mean residents in Lagos and Abuja will now pay N1,025 and N1,060 per litre, respectively.
In October, petrol was priced at N1,030 in Abuja and N998 in Lagos at NNPCL stations, while other stations charged between N1,150 and N1,200 per litre.
According to Peoples Gazette, NNPCL stations in Lagos and Abuja displayed the updated prices on Tuesday, a move attributed to prevailing economic conditions that could further strain Nigerians, already facing a steep rise in the cost of living.
Since President Tinubu took office on May 29, 2023, and announced the end of the fuel subsidy, petrol prices have soared from N145 to over N1,000, intensifying the financial strain on citizens.
Many Nigerians have since dubbed the President “T-Pain” (Tinubu-pain) in response to the economic hardships experienced under his administration.
