The Nigerian National Petroleum Company Limited (NNPCL) has announced another significant hike in the price of Premium Motor Spirit (PMS), commonly known as petrol, increasing the cost to N998 per litre. This new rate, which came into effect on Wednesday, reflects a 12.7% rise, equivalent to an additional N113 per litre, from the previous price of N855.
The change was immediately noticeable at NNPCL depots across Lagos State, where the new price was displayed at fuel pumps. This marks the second major increase in just over a month. In September 2024, the NNPCL had adjusted petrol prices from N568 in Lagos and N617 in other parts of the country to a minimum of N855 per litre.
The latest price surge is expected to spark further debate on the rising cost of fuel in Nigeria, with potential consequences for transportation costs and broader economic activities.
