The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol.
A market survey conducted on Tuesday showed that several NNPCL retail outlets in Abuja and neighbouring areas had raised their pump prices to between ₦1,395 and ₦1,430 per litre.
The adjustment represents an increase of between ₦50 and ₦85 per litre by the state-owned oil company.
The new prices have been implemented at several NNPCL stations across the Federal Capital Territory, including outlets around Airport Junction, Gwarinpa, Kubwa Expressway and Wuse Zone 4.
The latest development comes amid similar price adjustments by major private marketers, with MRS filling stations increasing their pump price to ₦1,395 per litre.
The price changes followed a significant increase in Dangote Refinery’s wholesale gantry price to ₦1,265 per litre.
The latest market movement also comes amid rising global crude oil prices, with Brent crude reportedly climbing to $107 per barrel, while West Texas Intermediate (WTI) rose to $103 per barrel.
The surge in global oil prices has been linked to heightened geopolitical tensions between Iran and the United States, as well as reported drone strikes targeting Saudi Arabia’s East-West oil pipeline.
