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There are indications that the Nigerian government may soon increase the price of Premium Motor Spirit (PMS), otherwise known as petrol, to N302 per litre.
According to sources, this is likely to take effect in February 2022 as part of recommendations of the National Economic Council (NEC) headed by the Vice President, Yemi Osinbajo.
This is part of the government’s plan to completely deregulate the PMS prices, eliminating monthly subsidy payments with provisions to ensure fair competition in the market.
Currently, petrol dells at between N162 and N165 per litre across the country.
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