The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol, also known as Premium Motor Spirit, from N965 to N990 per litre in Abuja.
The price adjustment took effect nationwide on Tuesday, with Lagos prices rising from N925 to N960 per litre.
Visits to several filling stations confirmed the changes. While some outlets in Abuja reflected the new price, others were yet to implement it.
A station at Life Camp displayed a price of N970 per litre but was not selling to customers at the time of the visit, while another station in Mabuchi still sold at N965 per litre.
The adjustment follows a recent hike by the Dangote Refinery, which raised its price to N955 per litre at its loading point.
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Dealers have linked the rising costs to increasing crude oil prices, which significantly impact fuel production.
Last week, petrol prices surged to between N1,050 and N1,150 per litre in some areas after various depot owners and the Dangote Refinery raised costs.
The refinery’s recent developments, including its $20 billion investment, are expected to influence the fuel supply chain in the country.
NNPCL: Why Petrol Price Increased
The deregulation policy in the petroleum sector allows prices to change based on supply and demand, making further increases likely as crude oil prices remain high.
