The price of Premium Motor Spirit (PMS), otherwise known as petrol, has been increased at retail stations of the Nigerian National Petroleum Company (NNPC) Limited.

Business Post observed that franchised filling stations with the state-owned oil firm were selling the product in Lagos at N992 per litre compared with the previous rate of N865 per litre.

As of the time of filing this report, the NNPC had yet to explain to consumers the reason for the price hike, as the price of crude oil in the global market was still below $70 per barrel.

However, at MRS petrol stations, the price has been increased from N860 per litre to N890 per litre in Lagos.

This facility receives product from Dangote Refinery, a private crude oil refiner in Lagos. Its supplier has yet to announce any price increase.

A few other independent marketers were not dispensing the products to consumers when this reporter checked.