The Nigerian National Petroleum Company (NNPC) Limited has announced an increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in Lagos.
This price hike follows a decrease in petrol prices just last month. On December 23, 2024, NNPC lowered the retail price of petrol to N925 per litre in Lagos and N965 per litre in Abuja, down from N1,025 and N1,040 per litre, respectively. However, as of Tuesday, petrol at the NNPC retail outlet along College Road in Ogba, Lagos, has risen from N925 to N960 per litre.
Meanwhile, at a Mobil filling station opposite the NNPC outlet, the price was reduced from N990 to N980 per litre. In Abuja, a fuel attendant at the NNPC station in Federal Housing, Kubwa, confirmed that no directive had been issued to adjust the price.
This price increase follows the January 17 announcement from the Dangote Petroleum Refinery, which raised the ex-depot price of petrol to N955 per litre at its loading gantry. This move comes amid rising global crude oil prices, with Brent crude recently reaching $81 per barrel.
Oil marketers have also noted that these higher international crude prices are impacting local production, signaling that further increases in pump prices could be on the horizon.
CC TheCable
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