PMS price increases again as NNPCL sells petrol at ₦1,025 per litre in Lagos

The Nigerian National Petroleum Company Limited (NNPCL) has again increased the price of Premium Motor Spirit (PMS), better known as petrol, to ₦1,025 per litre in Lagos.

This is coming barely three weeks after the corporation increased petrol price to ₦980 per litre in the commercial city.

While the new price is ₦1,025 per liter in Lagos the product in Abuja will now sell at N1,060 per litre.

This is the third price adjustment between September and October 2024.

Although the NNPCL has not released any official statement on the latest increase in petrol prices, the development is believed to be a fallout of the government’s deregulation policy.

Since President Bola Tinubu announced the removal of subsidy on petrol during his inauguration ceremony in May 2023, the pump prices of petrol in Lagos have risen from ₦184 to ₦1,025.

Dangote proffers solution

Meanwhile, the President and Chief Executive of Dangote Group, Aliko Dangote, has offered a solution to the lingering issue of fuel queues in the country.

While briefing State House reporters in Abuja on Tuesday, October 29, 2024, Dangote advised the NNPCL and marketers to stop fuel importation.

He said his refinery is the solution to the lingering fuel queues across the country.

“What I estimated as our daily consumption is about 30–32 million litters, that one we can even start producing by next week. That is not really an issue because as we speak today, we have 500 million litres in our tanks. With that even if there is no production anywhere or no import, that will take the country more than 12 days,” Dangote said.

While urging the NNPCL and marketers to stop importing, he promised that his refinery is ready to supply the market with 30 million litres of petrol per day.