The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,025 per litre, up from N980 per litre.
This adjustment, announced on Tuesday, October 29, affects Lagos and surrounding areas and marks the third price change in just two months.
This latest price hike is part of the government’s ongoing deregulation policy, which allows fuel prices to fluctuate based on market supply and demand.
However, the decision has left analysts perplexed, particularly given the recent decline in international crude oil prices.
Crude has dropped approximately 8%, falling from $78 per barrel to $72 per barrel.
Reports from Abuja indicate that petrol prices have risen even higher, reaching N1,060 per litre. In the wake of the announcement, many NNPCL filling stations quickly updated their prices, while other operators appeared unaware of the changes and continued selling petrol at the previous rate.
The continuing depreciation of the Naira, which currently stands at N1,664 per dollar, is a significant factor influencing fuel pricing in Nigeria.
As the cost of importing fuel rises due to currency fluctuations, consumers are left grappling with the impacts of these price increases.
