Premium motor spirit (PMS), often referred to as petrol, is currently N930 per litre at filling stations in Lagos.
The First Royal gas station on College Road in Ogba, Lagos, raised its pricing per litre from N860 to N930, according to a Monday confirmation from The Intercept.
Additionally, the price of petrol at Festac’s MRS Oil filling station and AS Sallam Petroleum, across from First Royal, went up from N860 to N930.
However, the pump price at the Mobil gas station, located off College Road in Ogba near the Abeokuta bus stop, rose from N865 per litre to N935.
Following a breakdown in discussions for the naira-for-crude arrangement, Dangote Refinery decided to temporarily halt selling petroleum products in naira, which led to an increase in the price of fuel.
In return for selling crude oil in local currency last year, Dangote Refinery and other refiners reached an agreement with the federal government to sell petroleum products in naira.
The goal of the deal was to lessen pressure on the naira and the effect that foreign exchange had on the sale of crude oil and petroleum products.
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However, because the original contract ends on March 20th, the parties have not agreed on a new one, which forces the Dangote refinery to source crude oil from the global market.
On October 1, 2024, Nigeria formally started selling crude oil and processed petroleum products to nearby refineries in naira.
More than a month has passed since the refinery lowered the ex-depot price of petrol to N825 on February 26. This action caused a decrease in PMS pricing at filling stations.
