NNPC Approves Petrol Pump Price Hike To ₦179/Litre

The Premium Motor Spirit (PMS) pump price will increase from N165 per litre to N179 per litre as of today thanks to a decision made by the Nigerian National Petroleum Company (NNPC) Limited (Tuesday).

The new price for gasoline is now in effect, as instructed by NNPC in a notice to fuel marketers. This occurred at the same time that the company raised the ex-depot price per litre from N148.17 to N167.

This came after weeks of petrol scarcity resurfaced across the country as fuel retailers were adopting different price bands to force unofficial deregulation attempts.

Already, majority of filling stations in Lagos have adopted different price models. While some filling stations have changed the price on their meters to reflect the current price they are selling at, others have left theirs to show the approved retail price of N165 per litre but were selling above the displayed price.

For instance, the Mobil filling station on Agidingbi sold a litre of petrol at N170 per litre on Friday and that was evidently displayed on their meters.

The development was also the same at Enyo filling station at Chisco bus stop, in Lekki, which now sells for N170 per litre, Eterna filling station at Jankade bus stop, Lekki sells at N180 per litre and Mobil Filing station, by Osapa London, Lekki now selling at N170 per litre.

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