The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.
The national oil company raised the price by N103 from N830 per litre in Lagos and by N85 from N875 per litre in Abuja.
Observations today showed that NNPC retail stations at Apple Junction and along Ago Palace Way in Lagos had adjusted their pumps to the new price.
In Abuja, the product was also sold at the new rate of N960 per litre at NNPC retail outlets along Airport Road in Lugbe.
The development came days after the Dangote Petroleum Refinery increased its ex-gantry petrol price to N874 per litre on March 2, up from N774 per litre.
The hike in pump prices follows ongoing geopolitical tensions in the Middle East, which have triggered sharp movements in global crude oil prices.
On March 3, Brent Crude rose to $85 per barrel, up from $72 recorded on February 28.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria has urged the federal government to ensure a steady supply of crude oil to local refineries to reduce the impact of global disruptions on Nigeria’s petroleum market.
The association warned that if the crisis persists, the effects could extend beyond pump prices to affect foreign exchange stability, domestic fuel pricing, and overall inflation.
