The hike in the price of Premium Motor Spirit (PMS) commonly called petrol in Lagos appears not to have taken a halt as marketers have again adjusted the pump price of petrol to N1,090 and N1,070.
This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis
Industry analysts note that the new price is a reflection of full subsidy removal of which the oil marketers now source their product directly from the market.
In a survey, NIPCO filling stations were selling for N1,090 per litre, Mobil while Ardova filling stations jerked their litre price from N1,050 in the early morning on Sunday to 1,070 per litre in the evening.
Previously, the marketers last week were majorly selling for N1,050 per litre, however this new change marks the third time marketers would have their pump price of petrol adjusted in three weeks.