Latest on new price of petrol for Nigeria

A few weeks into the new year, Nigerians are preparing for another hike in the price of Premium Motor Spirit (PMS), commonly known as petrol.

This development comes as the country's currently largest functioning refinery, the Dangote Refinery, has distanced itself from the impending price increase, even though it has yet to take full effect nationwide.

Currently, fuel stations operated by the Nigerian National Petroleum Corporation Limited (NNPCL) are selling petrol at ₦925 per liter in Lagos and ₦965 per liter in Abuja. However, a staff member at an Abuja fuel station told BBC Pidgin, "I am sure that within this week, we will receive instructions on what the new price will be."

When asked about the expected new price, the staff member, who preferred to remain anonymous as they are not authorized to speak publicly, mentioned that it could be around ₦1,040 per liter