Retail outlets of the Nigerian National Petroleum Company (NNPC) Limited have raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to as high as N945 per litre in Abuja and N915 per litre in Lagos, triggering public concern and adding pressure to an already strained economy.
In Abuja, the new rate was boldly displayed at NNPC’s retail station in the Federal Housing area of Kubwa and at the NNPC mega station along Obasanjo Way. In Lagos, stations in Igando and along the Badagry Expressway reflected the revised N915 price. In Ibadan, petrol is now being sold at N925 per litre.
The hike represents a N45 increase in Lagos and N35 in Abuja, compared to the previous prices of N870 and N910, respectively.
The sudden increase follows a move by Dangote Petroleum Refinery, which recently raised its ex-depot petrol price from N825 to N880 per litre. The move by Dangote appears to have triggered a ripple effect across other market players, including the NNPC, Nigeria’s state-owned oil corporation.
The latest development comes amid rising global oil market volatility, largely spurred by heightened geopolitical tensions, particularly in the Middle East.
