The pump price of premium motor spirit (PMS), popularly known as petrol, has surged to N1,040 per litre in Lagos and N1,080 per litre in Abuja.
The increase follows the recent adjustment of the ex-gantry price by the Dangote Refinery to N995 per litre.
Checks by TheCable on Saturday revealed that several retail outlets in Lagos and Abuja have updated their prices.
In Lagos, NNPC stations at Ilasa, Apple Junction, and Ago Palace Way were selling petrol for N1,040 per litre, up N47 from the previous price of N993 per litre. Emadeb Energy and PM Petroleum along the Oshodi/Apapa Expressway also priced the product at N1,040 per litre, while Techno Oil in Festac Town sold it for N1,050 per litre. MRS filling stations recorded the highest at N1,057 per litre.
In the nation’s capital, petrol was sold for N1,050 per litre at Gegu Oil Nigeria on the Kubwa Expressway, while Empire Energy charged N1,080 per litre. An AP fuel station offered the product at N959 per litre.
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The hike in pump prices coincides with escalating geopolitical tensions in the Middle East, which have caused fluctuations in global crude oil prices. On Friday, crude oil prices climbed to $91 per barrel amid the widening conflict involving the United States, Israel, and Iran.
The recent increase reflects the impact of both international oil market dynamics and adjustments by local refineries, affecting retail prices across major cities.