The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,030 per liter in Abuja. This marks a significant rise from the previous price of N897 per liter. In Lagos, the price also surged from N885 to N998 per liter.
This hike follows NNPCL’s decision to terminate its exclusive purchase agreement with Dangote Refinery, a move that now allows marketers to negotiate fuel prices directly with the refinery. The price increase comes after NNPCL had initially adjusted fuel prices after commencing petrol lifting from Dangote Refinery in mid-September when the product was sold at N950.22 per liter in Lagos.
The price hike has sparked concerns among Nigerians, given its potential impact on inflation and the general cost of living.
