The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of petrol at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.
The adjustment represents a N103 increase from the previous N830 per litre in Lagos and an N85 rise from N875 per litre in Abuja.
Observations on Wednesday showed that the revised price was implemented at NNPC stations located at Apple Junction and along Ago Palace Way in Lagos. In Abuja, the new rate of N960 per litre was recorded at NNPC retail outlets along Airport Road in Lugbe.
The latest hike follows a recent adjustment by the Dangote Petroleum Refinery, which on March 2 raised its ex-gantry price of petrol to N874 per litre from N774 per litre.
The development comes against the backdrop of escalating geopolitical tensions in the Middle East, which have significantly influenced global crude oil prices. On March 3, Brent crude climbed to $85 per barrel, up from $72 recorded on February 28.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETRAON) has urged the federal government to guarantee consistent crude oil supply to local refineries in order to cushion the effects of global market volatility on Nigeria’s petroleum sector.
The association cautioned that if the international crisis continues, its consequences could extend beyond pump price increases, potentially affecting foreign exchange stability, domestic fuel pricing, and overall inflation.