The Nigerian National Petroleum Company Limited (NNPCL) has implemented a significant hike in the price of Premium Motor Spirit (PMS), commonly known as petrol. The price has been increased to ₦992 per litre in Lagos, marking an increase from the previous price of ₦865 per litre.
The Immediate Impact
The increment was observed across various NNPC retail outlets in Lagos, where attendants were instructed to immediately adjust their dispensing pumps to reflect the new rate of ₦992 per litre.
As of the time of the report, the NNPCL has not provided any official reason for this steep increment.
The decision has immediate implications for commuters and businesses, as the price of petrol remains a key driver of inflation in Nigeria. While the new price was enforced in parts of Lagos, checks revealed that some NNPC outlets outside the city, such as those along the Lagos/Ibadan expressway, were still displaying the old price but were not dispensing fuel, suggesting a non-uniform or transitional implementation of the hike.
This price adjustment is the latest in a series of increases that have characterized the deregulation of the downstream sector.
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