The Nigerian National Petroleum Company Limited (NNPC) has announced a significant hike in the price of Premium Motor Spirit (PMS), commonly known as petrol, raising the cost from ₦568 to ₦855 per litre.
Okay.ng reports that this new pricing has been effected immediately across all NNPC filling stations in Lagos.
The increase comes as NNPC faces financial pressures related to the rising costs of fuel imports and distribution.
The company has been under strain due to its large debts to petrol suppliers, which has threatened its ability to maintain a steady supply of fuel across the country.
Despite these challenges, NNPC said it remains committed to ensuring national energy security, as stipulated under the Petroleum Industry Act (PIA).
