The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to as high as N1,430 per litre at some of its retail outlets in Abuja and surrounding areas.
Checks at several NNPCL stations in the Federal Capital Territory showed that petrol was being sold between N1,395 and N1,430 per litre, representing increases of about N50 to N80 per litre, depending on the location.
The revised prices were observed at NNPCL outlets around Airport Junction, Gwarinpa, Kubwa Expressway and Wuse Zone 4, among other locations.
The latest adjustment comes shortly after MRS filling stations reportedly raised their pump price to N1,395 per litre, following an increase in the petrol gantry price by the Dangote Refinery to N1,265 per litre.
The development is also coming amid volatility in the international crude oil market. According to the report, Brent crude rose to about $107 per barrel, while West Texas Intermediate (WTI) climbed to around $103 per barrel amid heightened tensions involving Iran and the United States.
The reported disruption and security concerns surrounding oil infrastructure in the Middle East have raised concerns over their potential impact on global crude supply and petroleum product prices.
The latest increase could put additional pressure on transportation costs and the prices of goods and services if the higher petrol prices are sustained.
Motorists and transport operators in Abuja and other parts of the country are expected to monitor pump prices as fuel marketers respond to changes in domestic supply conditions and developments in the international oil market.
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