Petrol Price Increases For The Third Time In 60 Days

The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,025 per litre in Lagos and ₦1,060 per litre in Abuja.

This marks the third price adjustment within two months.

The latest price hike comes as Nigeria’s Bonny Light crude fell from $75 to $72 per barrel, falling short of the 2024 budget benchmark of $77.96 per barrel by 8.2 percent.

This shift in crude pricing has contributed to further increases in the pump price of petrol as the country continues to adapt to the deregulation policy implemented by the Federal Government.

In response, filling stations across Lagos swiftly adjusted their prices, with motorists rushing to outlets yet to implement the new rates.

In Abuja, many major marketers paused operations briefly to update their meters, while independent outlets like Ardova Plc continued selling at the previous price of N1,125 per litre.

NNPCL raised the pump price from ₦897 to ₦1,030 earlier this month following the government’s deregulation measures.

The steady climb in fuel prices has intensified concerns over rising living costs as Nigerians face ongoing economic pressures.

An industry source who spoke with Vanguard anonymously said, “This is the third adjustment to be made in September and October 2024, based on deregulation.

“The policy enables price to be adjusted based on the forces of demand and supply. The weakness of the naira, currently standing at ₦1,664/$ may also be a factor.”