The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N1,082 per litre at its retail stations in Abuja.
According to reports, the latest increase represents a N115 jump from the previous price of N967 per litre and follows an earlier upward review from N960 to N967 per litre.
In total, the state oil firm has raised its retail price by N207 per litre in less than a week.
Checks on Sunday showed the new rate already implemented at NNPCL outlets along Kubwa Expressway as well as in Gwarimpa, Wuse Zone 6, Wuse Zone 4 and Lifecamp in the Federal Capital Territory (FCT).
The adjustments come after the Dangote Petroleum Refinery increased its petrol gantry price, pushing up supply costs for marketers.
It was said that the refinery recently raised its ex-depot price by N121, from N874 to N995 per litre, following a surge in global crude oil prices.
Industry operators say such increases at the depot level often trigger higher pump prices nationwide as fuel marketers adjust to rising replacement costs.
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Independent filling stations have also begun revising their retail prices in response, including outlets operated by MRS Oil Nigeria, AA Rano and Empire Energy were reported to have increased pump prices more than once in recent days.
At several of those stations, petrol is now selling between N1,092 and N1,150 per litre, compared with the previous range of N960 to N980 per litre.
Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said the price movement reflects volatility in the global oil market.
According to him, geopolitical tensions in the Middle East, particularly involving Iran, the United States and Israel, have contributed to the spike in crude prices.
“The Dangote Refinery gantry petrol price hike and retail price adjustment are due to crude price volatility caused by the Iran–US–Israel conflict affecting the Gulf region,” he said.
Gillis-Harry added that regulators in Nigeria’s petroleum sector should act swiftly to stabilise the market and prevent further sharp movements in pump prices.