NNPC Ltd mum as state oil company hikes petrol price, second time in October

The Nigerian State Oil Company, Nigerian National Petroleum Company Ltd (NNPCL) has maintained a silence of the graveyard as it adjusted the pump prices of the Premium Motor Spirit (PMS), for the second time in October 2024.

The national oil firm raised the retail price of petrol in Abuja to N1,060 from the N1,030 per litre, while in Lagos, it was confirmed that NNPCL stations increased the unit price of the commodity from N998 to N1,025 per litre.

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 there has not been any official statement from the NNPCL on the latest increase in petrol prices – just like the oil firm did during their last hike earlier this month – the NNPCL hinted at a fresh price increase when it began loading its first batch of petrol from the Dangote Refinery in mid-September.

READ ALSO: Tinubu unveils fuel price template: Petrol sells at N1,000/litre, CNG N200

This adjustment also marks the third price change between September and October 2024 and is part of the government’s deregulation policy, which allows prices to fluctuate based on supply and demand dynamics.

At its mega station located along Wuse Zone 4, the price of the commodity was sold at N1,060 per litre.

But at its station located along Olusegun Obasanjo Way, Central Area, the product still sold at N1,030 with commuters scrambling to join the long queue.

In Lagos, At the NNPCL fuel station in Ikotun, the product was sold for N1,025 per litre on Tuesday.

By: Babajide Okeowo

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