The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of premium motor spirit (PMS), commonly known as petrol, in Lagos and surrounding areas.
As of Tuesday, petrol at NNPC retail outlets in Lagos now costs ₦960 per litre, reflecting a ₦35 increase from the previous price of ₦925 per litre. This follows a recent price reduction on December 23, 2024, when the national oil company had lowered the price from ₦1,025 to ₦925 per litre.
The latest hike is expected to affect consumers and businesses reliant on petrol for transportation and daily operations, adding to concerns about rising living costs and operational expenses.