The Nigerian National Petroleum Corporation (NNPC) has announced an adjustment in the pump price of Premium Motor Spirit (PMS) at its stations in Lagos, increasing the rate slightly from N998 per litre to N1,025 per litre, effective October 29, 2024.
This latest price update comes due to fluctuating global oil prices and ongoing currency challenges, which have influenced fuel costs in the local market. The adjustment may bring a measure of relief to consumers as the country continues to navigate economic headwinds affecting fuel importation and distribution.
The price change is expected to impact downstream operations and prompt further adjustments across independent stations, as the nation adapts to evolving market realities and currency pressures affecting the energy sector.
