Premium Motor Spirit (PMS), sometimes referred to as petrol, was formerly priced at N980 per litre in Lagos and the surrounding environs. However, the Nigerian National Petroleum Company Limited (NNPCL) has increased the price to N1,025 per litre.

The government’s deregulation program, which permits price fluctuations based on supply and demand dynamics, includes this adjustment, which was announced on Tuesday and is the third price modification in September and October 2024.

Analysts are perplexed by the recent surge, particularly in light of the fact that crude oil prices have fallen by almost 8% to $72 per barrel from $78 per barrel on the global market. Furthermore, reports from Abuja show that the price of gasoline has increased to N1,060 per litre.

It’s interesting to note that although some NNPCL filling stations promptly changed their rates, others did not know about the change and kept selling at the previous cost. Fuel prices in the nation are still impacted by the Naira’s continuous devaluation, which is now at N1,664 per dollar.