National Wire About Nigerians, Nigerian Business and Other Stories
The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, from N855 to N998 per litre. This price hike, announced on Wednesday, represents a 12.7% increase, or an additional N113 per litre.
The increment has been rolled out across all NNPC Ltd filling stations, according to media reports.
Meanwhile, data from the National Bureau of Statistics (NBS) shows that Nigeria’s Consumer Price Index (CPI) averaged 161.90 points from 1995 to 2024, hitting a record high of 784.40 points in August 2024, compared to a low of 14.36 points in January 1995.
In August 2024, the headline inflation rate eased slightly to 32.15%, down from 33.40% in July 2024. This marks a decrease of 1.25 percentage points compared to the previous month.
Despite the marginal improvement in the CPI, many Nigerians are still struggling with high inflation, which continues to drive up the cost of goods and services. The recent increase in petrol prices by NNPCL is expected to exacerbate these challenges, with market reactions anticipated in the coming days.
