PMS prices rise again as NNPCL sells petrol at ₦1,025 per litre in Lagos.
Written by Noble People Crew on 30 October 2024
PMS Price Rises Again as NNPCL Sells Petrol at ₦1,025 per Litre in Lagos
The Nigerian National Petroleum Company Limited (NNPCL) has once again raised the price of Premium Motor Spirit (PMS), commonly known as petrol, now setting it at ₦1,025 per litre in Lagos. This comes just three weeks after an increase to ₦980 per litre in the city.
In Abuja, the price has been adjusted to ₦1,060 per litre, marking the third price change between September and October 2024. Although NNPCL has not yet issued an official statement on this latest price hike, the increase is thought to stem from the government’s deregulation policy. Since President Bola Tinubu removed the petrol subsidy in May 2023, pump prices in Lagos have surged from ₦184 to the current ₦1,025 per litre.
Dangote Offers a Solution
In response to the persistent fuel scarcity, Aliko Dangote, President and CEO of Dangote Group, proposed a solution during a briefing in Abuja on Tuesday, October 29, 2024. Dangote urged NNPCL and other marketers to cease fuel imports, suggesting that his refinery could resolve the issue of fuel queues nationwide.
“We estimate daily consumption at around 30–32 million litres, which we can begin producing as early as next week. Currently, we have 500 million litres in storage, enough to cover over 12 days even without imports or additional production,” he stated. Dangote assured that his refinery stands ready to meet the daily demand with a supply of 30 million litres, which he believes will stabilize the market and address the ongoing shortages.
