The Nigerian National Petroleum Company Limited (NNPCL) has implemented an increase in fuel price at the petrol stations, the second time in four days.
NNPC’s move comes on the heels of Dangote Refinery raising its gantry petrol price on Monday, citing rising crude prices due to the turmoil in the Middle East.
The country’s petroleum firm NNPCL increased its petrol selling price at the pump head on Saturday to N967 per litre, from N960, a N7 per litre upward price review.
Following the upscale, petrol has jumped to ₦1,080 per litre in Lagos on Saturday.
Already, the new fuel price has been implemented in NNPCL filling stations in Abuja and its environs as of Saturday.
This development followed an earlier price hike to N960 per litre from N875.
Other filling stations in Abuja have also increased their pump price to between N967 and N1,000 per litre.
On Saturday, crude oil prices rose by 9 percent to above $90 per barrel for Brent and West Texas Intermediate.
Meanwhile, petrol prices have surged to about ₦1,080 per litre in parts of Lagos amid ongoing tensions in the Middle East that have pushed crude oil prices higher in the international market.
A market survey across several filling stations in Lagos on Saturday showed that the price of Premium Motor Spirit (PMS), popularly known as petrol, now ranges between ₦1,020 and ₦1,080 per litre, depending on the location and the filling station.
The latest increase follows a recent adjustment in the ex-depot price of petrol by the Dangote Refinery, which determines the rate at which fuel marketers purchase the product before selling it to consumers at the pump.
It was gathered that the refinery recently raised its ex-depot price to ₦995 per litre from ₦874 in response to rising crude oil prices on the global market.
As of the time of filing this report, Brent crude was trading at about $92.69 per barrel amid growing concerns over possible supply disruptions linked to escalating tensions in the Middle East.
The spike in global oil prices has been attributed to hostilities involving the United States, Israel and Iran, which analysts say could further tighten global oil supply.
