The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across several of its retail outlets in Abuja and surrounding areas.
A market survey showed that the majority of NNPCL filling stations in the Federal Capital Territory had adjusted their petrol prices to between N1,395 and N1,430 per litre.
The latest adjustment represents an increase of between N50 and N85 per litre, depending on the outlet.
The new prices have been implemented at NNPCL retail stations around Airport Junction, Gwarinpa, Kubwa Expressway, Wuse Zone 4 and other parts of Abuja and its environs.
The development comes shortly after MRS filling stations increased their petrol pump price to N1,395 per litre following an upward adjustment of Dangote Refinery’s gantry price to N1,265 per litre.
The latest increase in petrol prices also comes amid a sharp rise in international crude oil prices.
Brent crude was reported at about $107 per barrel, while West Texas Intermediate (WTI) traded at around $103 per barrel, following escalating tensions involving Iran and the United States.
The development followed a series of strikes in the region, including an attack by Iran on Saudi Arabia’s East-West oil pipeline.
The latest crude price movement has heightened concerns over further increases in domestic petrol prices, given the impact of international oil prices on Nigeria’s downstream petroleum market.
