The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at its retail stations to N933 per litre in Lagos and N960 per litre in Abuja, marking a fresh hike in the cost of fuel across Nigeria.
The national oil company raised the price by N103 in Lagos, from N830 per litre, while motorists in the federal capital now pay N85 more, up from N875 per litre.
Checks on Wednesday showed the new price already implemented at NNPC retail outlets in Apple Junction and Ago Palace Way in Lagos, while stations along Airport Road in Lugbe, Abuja, were dispensing petrol at N960 per litre.
The latest adjustment follows a similar move by the Dangote Petroleum Refinery, which on March 2 increased its ex-gantry petrol price to N874 per litre, from N774.
Industry observers say the rise in pump prices is tied to growing geopolitical tensions in the Middle East, which have disrupted global energy markets and pushed up crude oil prices.
Data shows that Brent Crude climbed to about $85 per barrel on March 3, up from $72 per barrel recorded on February 28, intensifying pressure on fuel prices in import-dependent markets.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETRAON) has urged the federal government to ensure consistent crude oil supply to local refineries.
The association warned that prolonged instability in global oil markets could affect foreign exchange stability, domestic fuel prices, and inflation, further increasing the cost of living for Nigerians.
