The price of Premium Motor Spirit (PMS), otherwise known as petrol, has increased to N930 per litre in filling stations in Lagos State.
The increase in the petrol price was confirmed in Lagos on Monday, March 31, 2025.
It was gathered that the filling stations increased the price of petrol from N860 to N930 per litre.
It was learnt that MRS Oil filling stations in Lagos increased their petrol price from N860 to N930, while some filling stations increased their pump price to N935.
The hike in petrol price followed Dangote refinery’s decision to temporarily stop the sale of petroleum products in naira after a breakdown in negotiation for the naira-for-crude deal.
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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 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 Danote refinery to source for crude oil in the international market.
Nigeria commenced the sale of crude oil and refined petroleum products in naira to local refineries on October 1, 2024.
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