Filling stations in Lagos have increased the price of premium motor spirit (PMS), also known as petrol, to N930 per litre.
Eyewitnesses 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 fuel 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.
The hike in fuel price followed Dangote refinery’s decision to temporarily stop selling petroleum products in naira after a breakdown in negotiation for the naira-for-crude deal.
Dangote refinery and other refiners agreed with the federal government to sell PMS 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 PMS products, and reduce pressure on 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 PMS products in naira to local refineries on October 1, 2024.
The increase in price comes more than a month after the refinery reduced its fuel ex-depot price to N825 on February 26, which led to a drop in PMS prices at filling stations.
