The price of Premium Motor Spirit (PMS) will again skyrocket to N800 per litre on Monday in Lagos State.
This was disclosed by a source who owns a fuel station in Lagos metropolis.
The source said PMS price will increase because of the cost of importation of refined product.
He insisted that since the oil and gas sector is no longer regulated and marketers determine prices of product by market forces, Nigerians will once again bear the brunt of another fuel increment.
This increment is also due to exchange rate of naira to dollar which has fall to N970.
The source informed our correspondent that filling stations in Lagos are not selling fuel as they await the new price of N800 by tomorrow (Monday).
Recall that the removal of petrol subsidy by the current administration caused a hike from N194 to N534 per litre and later went up to N640.
