Premium News
OIL MARKETERS ADJUST PETROL PUMP PRICE FROM N1,010 TO N1,050
The price of Premium Motor Spirit (PMS), commonly called petrol, has been raised by major oil marketers from N1,010 to N1,050 per litre, reflecting a 4% increase in Lagos and neighboring areas. This adjustment comes amidst ongoing economic challenges and fluctuations in global oil prices, which have put pressure on local markets and consumers.
On the other hand, independent marketers have adjusted their prices to a range of N1,100 to N1,200 per litre, up from around N1,060, with rates varying by location. The price hikes have sparked concerns among consumers, as many rely on petrol for transportation and daily activities, contributing to rising costs of goods and services.
Due to the deregulated market, petrol prices are not fixed,” leading to “slight price differences among filling stations,” although some stations still have “similar pricing.” This deregulated environment has resulted in increased competition among marketers, but it has also made it challenging for consumers to predict fuel costs.
The Nigerian government has been under pressure to address these price hikes, as they coincide with broader economic difficulties, including inflation and currency devaluation. Analysts warn that if global oil prices continue to rise, further increases in petrol prices could lead to protests and unrest among the populace, who are already grappling with high living costs.
Additionally, the Nigerian National Petroleum Corporation (NNPC) has been closely monitoring the situation, emphasizing the need for transparency and stability in the fuel market. Stakeholders are calling for improved infrastructure and refining capacity to reduce reliance on imported fuel, which could help stabilize prices in the long run.
As the situation evolves, consumers are urged to stay informed about price changes and explore alternative means of transportation to mitigate the impact of rising fuel costs on their daily lives.
