By Jemimah Wellington, JKNewsMedia Reporter
THE PUMP price of Premium Motor Spirit (PMS), commonly known as petrol, has skyrocketed to N1,030 per litre at various stations across the nation.
This sharp increase follows the Nigerian National Petroleum Company (NNPC) Limited’s decision to fully deregulate the downstream oil sector, ending its exclusive purchase agreement with Dangote Refinery.
This change allows oil marketers to independently negotiate prices with the refinery and other suppliers.
The adjustment represents a significant rise from the N897 per litre price recorded in September.
In Lagos, NNPC outlets now sell petrol at N998 per litre, with private stations like Mobil also adjusting their rates to match NNPC prices.
In Wuse Zone 4 station in Abuja reported sales are at N1,003 per litre.
Reports say the full deregulation of the oil sector has granted marketers the freedom to set their pump prices based on market dynamics.
NNPC’s known role as the sole supplier to the Dangote Refinery is now impacted as marketers can source fuel from any available refinery.
This is the latest in a series of fuel price hikes in Nigeria.
In September 2024, petrol prices rose to N855 per litre in Lagos, a sharp increase from the N568 price earlier in the year.
The deregulation moves, which allows market forces to determine fuel costs, signals an end to NNPC’s financial burden of subsidizing petrol prices.
Market observers say as competition among marketers grows, prices are expected to fluctuate based on demand and supply.
History of Fuel Price Increases in Nigeria:
2020: N145 to N161 per litre.
2021: N165 to N172 per litre.
2022: N179 to N190 per litre.
2023: N540 to N617 per litre.
2024: N568 to N855 per litre (September).
2024: N998 to N1,030 per litre (October).
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