The price of Premium Motor Spirit (PMS), popularly known as petrol at the pump, has reportedly risen to between N930 and N970 per litre in parts of Lagos and its outskirts, up from the previous rate of N865 per litre.
BusinessDay observed on Sunday morning that filling stations around Lagos have changed their pump price from N865 per litre to between N930 and N970. Also, the depot price of the product on Sunday morning stood between N890 and N900 per litre, indicating an increase from below N850 per litre two weeks ago.
The development is likely linked to recent statements from oil marketers, who revealed that the landing cost of imported petrol had surged by N88 per litre within a week, coinciding with rising import volumes.
BusinessDay confirmed that an AP filling station on Admiralty Road, Lekki Phase 1, was selling petrol at N930 per litre, with other outlets in Lagos pricing it between N930 and N935 per litre.
In addition, filling stations in Abuja and Magboro, Ogun State, have adjusted their prices to between N960 and N970 per litre.
Attempts to reach independent and major marketers for comments were unsuccessful at the time of publication.
This marks the first petrol price hike in 2025, following a series of price reductions earlier in the year amid competition between the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery.