For the second time in October 2024, the Nigerian National Petroleum Company Ltd (NNPCL) has raised petrol prices without a formal announcement, increasing the cost of Premium Motor Spirit (PMS) across major cities.
The revised price in Abuja now stands at N1,060 per liter, up from N1,030, while Lagos residents are paying N1,025 per litre, an increase from the previous N998.
The adjustments come amid growing concerns about fuel affordability, but NNPCL has yet to issue a public statement regarding the price hike.
The new petrol price in Abuja is an increase of N30 from the old price, while in Lagos it marks an increase of N27.
While the NNPCL has not officially stated its position on the latest increase in petrol prices—just like the oil firm did during its last hike earlier this month—it hinted at a fresh price increase when it began loading its first batch of petrol from the Dangote Refinery in mid-September.
This adjustment also marks the third price change between September and October 2024. It is part of the government’s deregulation policy, which fluctuates prices based on supply and demand dynamics.