FG reportedly increases petrol price to N1,025 per litre.

The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS) aka petrol, from N980 to N1,025 per litre in Lagos and nearby regions.

This adjustment, announced on Tuesday, marks the third price change in September and October 2024 and is part of the government’s deregulation policy, which allows prices to fluctuate based on supply and demand dynamics.

According to reports, this new increment will see Nigerians in Abuja and Lagos buy petrol for N1,060 and N1,025 per litre respectively.