The Nigerian National Petroleum Company (NNPC) Limited has raised petrol prices at its retail outlets, increasing the pump price to N990 per litre in Abuja and N965 per litre in Lagos.
This adjustment aligns with the ongoing deregulation of the petroleum sector, allowing prices to reflect market dynamics and fluctuating supply-demand factors.
The price hike comes just days after petrol pump prices surged to N1,050–N1,150 per litre, following an increase in the cost of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery and other depot operators.
The refinery had raised its PMS price from N899 to N955 per litre at its loading gantry.
The rising cost is also attributed to surging global crude oil prices, with Brent crude, the international benchmark, recently trading at $81 per barrel.
Oil marketers have warned that the impact of higher crude prices on local production could result in further hikes in pump prices.
