The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,025 per litre from N980 in Lagos and nearby regions.
The increase, announced on Tuesday, is the third price change over September and October, reflecting the government’s ongoing deregulation policy, which aligns fuel prices with market demand and supply.
This latest adjustment has sparked concern among analysts, who question the timing, as crude oil prices have recently fallen by around 8%, dropping from $78 to $72 per barrel.
In response to the change, many NNPCL filling stations promptly updated their prices, although some independent operators continued selling petrol at the previous rate, unaware of the update.