Petrol hits N1,370/litre as depot prices rise

By Udeme Akpan

The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen to N1,370 per litre in Lagos, following fresh increases in depot prices across major supply locations.

Checks by Vanguard on Tuesday showed that MRS and NNPC filling stations sold petrol at N1,360 per litre, while Mobil sold at N1,349. Some independent marketers sold at between N1,365 and N1,370, depending on location.

The increase followed sharp movements in depot prices, particularly in Lagos, where A.A. Rano raised its PMS price by N75 to N1,295 per litre, while African Terminal, Aiteo and Integrated increased their prices to about N1,300.

NIPCO also raised its price by N55...