The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets in Abuja and its environs.
A market survey by Nigerian Newssphere on Monday showed that several NNPCL filling stations in the Federal Capital Territory increased their petrol prices to between N1,395 and N1,430 per litre.
The latest adjustment represents an increase of between N50 and N80 per litre at the affected outlets, depending on the location and previous pump price.
DAILY POST reports that the new prices have been implemented at NNPCL outlets 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.
MRS had adjusted its price following an increase in the gantry price of petrol by Dangote Refinery to N1,265 per litre.
The latest petrol price hike comes amid a sharp rise in global crude oil prices, with Brent crude trading at about $107 per barrel and West Texas Intermediate (WTI) at around $103 per barrel.
The increase in crude oil prices followed escalating tensions in the Middle East, including the recent exchange of strikes between Iran and the United States.
Nigerian Newssphere reports that Iran also targeted Saudi Arabia’s East-West oil pipeline amid the escalating regional conflict.
The rise in international crude prices has increased pressure on domestic petrol prices, particularly as Nigeria’s downstream petroleum market responds to changes in crude oil and refined product costs.
