The Nigerian National Petroleum Company Limited has raised the price of Premium Motor Spirit (PMS) to N998/Litre in Lagos Veracity Desk [veracitydesk.com] can confirm.
This development is said to be effective from October 9, 2024.
Meanwhile, petroleum industry stakeholders are often aware that the NNPC’s fuel prices usually differ, depending on location, with Lagos usually having the cheapest price.
However there has been no official confirmation from NNPC yet about this latest development.
Recall in September the estimated price of PMS in Lagos was around N950.22 per litre, while consumers in Borno State paid as much as N1,019.22 per litre.
Other states such as Sokoto, Kano, Kaduna, and the Federal Capital Territory (FCT) are projected to see prices around N999 per litre.
These incessant shift in price templates are coming when NNPC recently said it is grappling with severe financial challenges as it battles mounting debt to petrol suppliers which is an acknowledgement to reports circulating in national newspapers about its significant debt obligations.
The company’s financial strain has placed immense pressure on its operations, posing a potential threat to its ability to maintain consistent fuel supply across the country.
Details later…
