Again, NNPCL Increases Petrol Price
The Nigerian National Petroleum Company Limited (NNPCL) has once again adjusted the pump price of Premium Motor Spirit (PMS), commonly known as petrol, raising it to ₦925 per litre in Lagos and ₦950 per litre in Abuja.
This latest increase comes just hours after a major shake-up in the management of the national oil firm, following the removal of Mele Kyari and the appointment of Mr Bayo Ojulari as the new Group CEO.
Investigations reveal that NNPC stations in various parts of Lagos, including Fadeyi, Ago Palace Way, and Second Rainbow, have adjusted their prices from ₦860 to ₦925 per litre.
Similarly, NNPC retail outlets in Federal Housing, Kubwa, Abuja, have increased their prices by ₦70, now selling at ₦950 per litre.
Reports also indicate that some independent fuel stations, such as God’s Decision, are selling at ₦1000 per litre, adding to the burden of consumers already grappling with the high cost of living.
The price adjustment is seen as a reflection of Nigeria’s deregulated fuel market, where prices fluctuate based on market competition, global oil prices, and supply costs.
This move comes amid growing concerns about fuel affordability, with many Nigerians questioning the government’s approach to managing the energy sector.
Just last December, petrol was sold at ₦925 per litre, before experiencing multiple price shifts in recent months.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
