The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS), or petrol, to ₦1,025 per litre in Lagos and ₦1,060 per litre in Abuja—marking the third price hike within two months.
This adjustment comes as the price of Nigeria’s Bonny Light crude drops from $75 to $72 per barrel, falling below the 2024 budget benchmark of $77.96. The lower crude prices, along with Nigeria’s ongoing deregulation policies, have contributed to these increases.
In response, fuel stations in Lagos quickly updated their rates, while some in Abuja temporarily paused operations to adjust meters. Independent stations, like Ardova Plc, continued selling at previous rates, further fueling a rush among consumers to purchase before new prices take effect.
This ongoing rise in fuel costs, largely driven by currency depreciation and the deregulation of the petroleum sector, has added to the economic strain on Nigerians, with many feeling the impact of escalating living expenses.
