The Nigerian National Petroleum Company (NNPC) Limited has approved an upward review in the pump price of Premium Motor Spirit (PMS) from N165 per litre to N179 per litre, effective Tuesday, July 19.
NNPC in a notice to fuel marketers directed them to change the petrol price on pumps to the new price effective today. This was even as the company equally increased the ex-depot price from N148.17 to N167 per litre.
This came weeks after petrol scarcity resurfaced across the country as fuel retailers were adopting different price bands to force unofficial deregulation attempts.
Already, majority of filling stations in Lagos have adopted different price models. While some filling stations have changed the price on their meters to reflect the current price they are selling at, others have left theirs to show the approved retail price of N165 per litre but were selling above the displayed price.