By Kayode Sanni-Arewa
In a fresh development affecting the fuel pump price in Nigeria, the Nigerian National Petroleum Company Limited (NNPC Ltd) has upwardly reviewed the price of Premium Motor Spirit (PMS) to N1,025 per litre at various outlets in Lagos.
This latest price adjustment is said to be effective from Tuesday, October 29, 2024 (today).
It is further noted that NNPC’s fuel prices usually differ, depending on location, with Lagos State usually having the cheapest price template.
It would be recalled that Nigerians witnessed similar adjustment in PMS price on Tuesday, October 9, 2024.
This review in the fuel pump price is a direct result of strategic changes within the country’s petroleum market.
This change is part of a broader initiative to fully deregulate the petroleum sector in Nigeria. The move towards a “willing buyer, willing seller” model reflects global practices where fuel pump prices are determined by market interactions rather than government-imposed controls. While deregulation aims to increase efficiency and attract investment, it has also led to the current spike in the fuel pump price.
However, the immediate impact of the higher fuel price is felt by consumers and businesses, who face increased costs for transportation and goods. This adjustment reflects not only the global oil market trends but also the costs associated with refining and distribution under a deregulated regime.
Details later.