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 force, as instructed by NNPC in a memo to fuel marketers. This occurred at the same time that the business raised the ex-depot price per litre from N148.17 to N167.
As fuel dealers adopted various pricing bands to compel unofficial deregulation attempts, weeks of petrol scarcity have returned across the nation.
The vast majority of gas stations in Lagos have already adapted new pricing strategies. While some gas stations adjusted their price on their meters to reflect the amount they are currently selling at, others left theirs to represent the authorized retail price of N165 per litre even though they were selling for more than that.
For example, the Mobil gas station on Agidingbi sold a litre of gasoline on Friday for N170 a litre, and that price was clearly printed on their meters.
The same thing happened at the Lekki filling stations Enyo at the Chisco bus stop, which now sells for N170 per litre, Eterna at the Jankade bus stop, which sells for N180 per litre, and Mobil by Osapa London, which now sells for N170 per litre.