Petrol stations increase PMS prices to N930/litre in Lagos, N950/litre in Abuja

Filling stations in Lagos have increased the price of premium motor spirit (PMS), also known as petrol, to N930 per litre.

TheCable confirmed on Monday that First Royal petrol station along College Road, Ogba, Lagos, increased its price from N860 to N930 per litre.

AS Sallam Petroleum, opposite First Royal, and MRS Oil filling station, in Festac, also increased their petrol price from N860 to N930.

However, Mobil petrol station, at Abeokuta bus-stop, off College Road, Ogba, increased its pump price to N935, up from N865 per liter.

In Abuja, TheCable observed that the petrol price at Conoil retail outlet along Airport road, Lugbe, has increased from N925 to N965 per litre.

However, the NIPCO filling station on the Airport road increased its petrol price from N935 to N950 per litre.

Also, branches of Eterna and AA Rano filling stations in Mabishi, Abuja, now sell at N950.

The hike in the petrol price followed Dangote refinery’s decision to temporarily stop selling petroleum products in naira after a breakdown in negotiations for the naira-for-crude deal.

Dangote refinery and other refiners agreed with the federal government to sell petroleum products in naira in exchange for the sale of crude oil in the local currency last year.

The agreement was meant to reduce the impact of foreign exchange on the sale of crude oil and petroleum products and reduce pressure on the naira.

However, parties involved in the deal have not agreed to a new contract as the initial contract expires at the end of March 20, forcing Dangote refinery to source for crude oil in the international market.

Nigeria officially commenced the sale of crude oil and refined petroleum products in naira to local refineries on October 1, 2024.

The price increase comes more than a month after the refinery reduced its petrol ex-depot price to N825 on February 26, which led to a drop in PMS prices at filling stations.