The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant increase in the price of Premium Motor Spirit, commonly known as petrol.
Effective Wednesday, the new price of petrol has risen from N855 per liter to N998 per liter, representing a 12.7% or N113 increase.
The latest price adjustment marks the second major hike in recent months. Previously, on September 3, 2024, NNPCL raised the price of petrol from N568 in Lagos and N617 in other parts of the country to a minimum of N855 in Lagos. The consistent upward trend in fuel prices has sparked concerns among Nigerians, who may face increased transportation costs and higher prices for goods and services.
The price hike was noticed at all NNPCL depots in Lagos State, with retail outlets adjusting their pump prices accordingly. Industry experts attribute the increase to current market conditions, including the corporation’s reported $6 billion debt.
As the country’s primary fuel supplier, NNPCL’s price adjustments have far-reaching implications for the economy and everyday Nigerians.
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