The Nigerian National Petroleum Company (NNPC) Limited has reviewed the pump price of premium motor spirit (PMS), increasing it to N835 per litre in Lagos and N839 per litre in Abuja.
According to TheCable checks on Wednesday showed that the new prices had taken effect across NNPC retail outlets in both cities. The adjustment represents a N50 increase from the previous N785 per litre in Lagos, while Abuja recorded a N20 rise from N815 per litre.
The price hike follows a recent upward review by the Dangote Petroleum Refinery, which increased its ex-gantry price of petrol to N799 per litre. The refinery also disclosed that MRS filling stations would now sell the product at N839 per litre, up from N739 per litre.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated that sustained competition in the downstream petroleum sector could drive down the prices of petrol, diesel and liquefied petroleum gas (LPG) nationwide.
Speaking on January 28, the NMDPRA Chief Executive Officer, Saidu Mohammed, said Nigerians are gradually moving towards more affordable energy, adding that improved supply continues to support price stability across the country.
