The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), commonly known as petrol, to N925 per litre at its filling stations in Lagos and N950 per litre in Abuja. This price hike comes just hours after a significant administrative shake-up within the organization.
The national oil corporation raised the price from the previous N880 per litre. In Lagos, the cost of petrol at NNPCL stations, including those at Fadeyi, Ago Palace Way, and Second Rainbow, jumped to N925 per litre from N860 as of Wednesday. Similarly, NNPC retail outlets in the Federal Housing and Kubwa areas raised their prices by N70 per litre.
Investigations by The Telegraph revealed that some NNPC stations around Ikotun increased their prices to N925 per litre, while privately owned stations, such as God’s Decision, were selling at N1,000 per litre.
Additionally, NNPC stations along the Lagos-Ibadan Expressway and Ikorodu Road now charge N925 per litre, despite previously displaying prices of N930 per litre.
This adjustment aligns with the ongoing changes in Nigeria’s free-market fuel system, driven by fluctuations in market competition, supply costs, and global oil prices. On March 19, NNPCL clarified that the decision to cease sales in naira was a strategic move to prevent a mismatch between sales proceeds and crude oil purchase obligations, which are denominated in U.S. dollars.
The price hike follows the appointment of Mr. Bayo Ojulari as the new Group CEO of NNPCL, replacing Mele Kyari, a move made by President Bola Tinubu earlier on Wednesday, alongside several changes to the NNPCL board.
In late December 2024, NNPC had briefly sold petrol at N925 per litre before multiple subsequent price changes.
