The Nigerian National Petroleum Company Limited (NNPCL) has announced an increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, raising it from N980 to N1,025 per litre in Lagos and surrounding areas.
This adjustment, effective immediately, marks the third price change in just two months (September and October 2024) and is a continuation of the government's deregulation policy, which permits petrol prices to fluctuate according to market supply and demand.
Reports indicate that under the new pricing structure, petrol will now cost N1,060 per litre in Abuja, while Lagos residents will pay N1,025.