The Nigerian National Petroleum Corporation (NNPC) has announced a new increase in the pump price of Premium Motor Spirit (PMS), also known as petrol. As per the latest update, the price has risen from ₦998 per litre to ₦1,025 per litre, effective immediately.

This increment reflects the ongoing volatility in global oil markets, currency fluctuations, and domestic supply dynamics. The NNPC, being the key supplier of petroleum products in Nigeria, stated that the revision applies specifically to its stations across Lagos.

The adjustment is expected to have widespread impacts across sectors, including transportation and logistics, leading to potential ripple effects on the cost of goods and services. Many citizens have expressed concerns about the affordability of fuel, especially given the country’s ongoing economic challenges.

Authorities have urged consumers to remain calm, promising that further details and explanations regarding the new pricing policy will be provided soon. Meanwhile, some analysts warn that this increase may trigger inflation and disruptions across key sectors, with public transportation and food supplies particularly vulnerable to the higher costs.

The public awaits more clarity from NNPC on whether this price hike will extend to other regions of the country. As Nigeria continues to adjust to the realities of deregulated fuel markets, many hope for policies that could cushion the impact of rising energy costs on the populace.