NNPCL Raises Petrol Price by N115 Per Litre

 

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by N115 per litre.

The latest adjustment, which took effect across NNPCL retail outlets, has sparked fresh concerns among motorists and commuters, with many fearing a ripple effect on transportation costs and the prices of goods and services.

The price hike follows ongoing fluctuations in the downstream petroleum sector since the deregulation of the fuel market, with industry observers attributing the increase to prevailing market conditions and changes in supply costs.

The new pump prices may vary across locations, depending on transportation and distribution expenses.

The development is expected to put additional pressure on households and businesses already grappling with rising inflation and the high cost of living.