The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, for the second time within four days.
The state-owned oil firm raised the pump price to N967 per litre, up from N960, representing a N7 per litre increase.
The new fuel price was already being implemented at several NNPCL filling stations across Abuja and surrounding areas as of Saturday.
This latest adjustment follows an earlier price hike earlier in the week, when NNPCL increased the pump price to N960 per litre from N875.
The price changes have also influenced other fuel retailers in the nation’s capital, with several independent filling stations adjusting their pump prices to between N967 and N1,000 per litre.
The development comes amid rising pressure in the global oil market. On Saturday, international crude oil prices surged by about nine percent, pushing both Brent crude and West Texas Intermediate (WTI) benchmarks to above $90 per barrel.
Industry observers attribute the sharp increase in crude oil prices to escalating geopolitical tensions in the Middle East, which have raised concerns about potential disruptions to global oil supply.
Earlier in the week, Dangote Refinery also increased its gantry petrol price, citing the rise in crude oil prices linked to the ongoing turmoil in the region.
The refinery’s decision has had a ripple effect across Nigeria’s downstream petroleum sector, contributing to the latest upward review of pump prices by marketers.
Energy analysts warn that continued volatility in global crude oil markets could lead to further adjustments in domestic fuel prices if the international benchmark continues to rise.
