Fuel price increased for third time in 60 days

The Nigerian National Petroleum Company Limited, NNPCL, on Tuesday increased the price of Premium Motor Spirit, PMS, also known as petrol, to N1,025 per litre.

This represents a hike from N998 per litre in Lagos and environs.

In Abuja, the price of the product rose to N1,060 from N1,030, in what has become the third increase in the price of the product in two months.

The latest increase came as the price of Nigeria’s Bonny Light crude dropped to $72 per barrel, from $75 per barrel, indicating a shortfall of 8.2 per cent against the $77.96 per barrel reference price of the 2024 budget.

In Lagos, filling stations immediately adjusted their prices to reflect the new rate, while motorists were seen rushing to some outlets yet to adjust prices to buy the product

NNPCL had earlier this month, hiked pump prices from N897 per litre to N1,030 per litre following the deregulation of petrol pricing by the Federal Government.