The Nigerian National Petroleum Company Limited (NNPCL) has once again increased the pump price of Premium Motor Spirit (PMS), also known as petrol, on Tuesday.
The nation’s oil company adjusted the PMS price across its retail stations, with Abuja’s rates moving from N1,030 to N1,060 per litre, and Lagos stations from N998 to N1,025 per litre.
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.
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