The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets in Lagos.
On December 23, 2024, the national oil company reduced the retail price of petrol at its outlets to N925 per litre in Lagos and N965 per litre in Abuja.
NNPC dropped the price of the product from N1,025 per litre in Lagos and N1,040 in Abuja.
A report on Tuesday by TheCable said that the petrol price at NNPC retail outlet on College Road, Ogba, Lagos, had increased from N925 to N960 per litre.
However, Mobil filling station opposite the NNPC outlet reduced its petrol price from N990 to N980 per litre.
In Abuja, a fuel attendant at the NNPC filling station at Federal Housing, Kubwa, said no directive had been received to adjust the petrol price.
On January 17, the Dangote Petroleum Refinery increased the ex-depot price of its petrol.
Dangote refinery said its refined products would now cost N955 per litre at the loading gantry.
The upward adjustment comes amid rising crude oil prices in the international market, with the cost of Brent, the global benchmark for crude, recently reaching $81 per barrel.
Oil marketers had also said the increase in global crude prices is taking a toll on local production, warning of an imminent hike in pump prices.
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