In a significant move, major oil marketers in Nigeria have increased the price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N1,010 to N1,050 per litre, reflecting a 4% hike in Lagos and surrounding areas.
This adjustment comes amid ongoing market fluctuations and is expected to impact transportation and consumer costs across the country.
Independent oil marketers have also revised their prices, setting them between N1,100 and N1,200 per litre, a rise from approximately N1,060 per litre. These variations in pricing are largely dependent on geographic location.
The recent adjustments are a direct result of the deregulated nature of the Nigerian petroleum market, which allows for price changes based on market conditions.
An investigation by PodiumNews highlighted that while prices can differ from one filling station to another, many stations tend to align closely in their pricing strategies.
As the market adjusts, attention is also turning to the upcoming supply from the Dangote refinery, which is expected to influence future petrol prices and availability in the country.
