The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS, popularly known as petrol.
A market survey on Tuesday showed that most NNPCL retail outlets adjusted their pump price to between N1,395 and N1,430 per litre.
This represents an upward adjustment of between N50 and N85 per litre by the state-owned oil firm.
The price hike comes as MRS filling stations also raised their petrol price to N1,395 per litre. The adjustment followed an increase in Dangote Refinery’s gantry price to N1,265 per litre.
Industry sources attributed the upward review to rising global crude oil prices. Brent and West Texas Intermediate, WTI, crude prices climbed to $107 and $103 per barrel respectively last week after renewed strikes between Iran and the United States.
Recall that Iran recently struck Saudi Arabia’s East-West pipeline, heightening supply concerns in the global oil market.
