While Nigerians are still groaning in pains over the price of petroleum products, the Nigerian National Petroleum Company Limited, NNPCL, yesterday, increased the price of Premium Motor Spirit, PMS, also known as petrol, to N1,025 per litre, from N998 per litre, in Lagos and environs.
Also, in Abuja, the price of the product rose to N1,060 from N1,030, in what has become the third increase in the price of the product in two months.
The latest increase came as the price of Nigeria’s Bonny Light crude dropped to $72 per barrel, from $75 per barrel, indicating a shortfall of 8.2 per cent against the $77.96 per barrel reference price of the 2024 budget.
Consequent upon this, filling stations in Lagos and Abuja, immediately adjusted their prices to reflect the new rate, while motorists were seen rushing to some outlets yet to adjust prices to buy the product
NNPCL had earlier this month, hiked pump prices from N897 per litre to N1,030 per litre following the deregulation of petrol pricing by the Federal Government.
No official statement has been issued by the NNPCL but speculations indicated that the price adjustment was based on market forces, following the deregulation of the downstream sector.
The policy according to findings enables price to be adjusted based on the forces of demand and supply.
