The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), marking its second upward adjustment in less than 48 hours.
Checks at several NNPCL retail outlets in Abuja on Wednesday showed that petrol now sells for N1,335 per litre, up from N1,270 per litre announced on Tuesday.
The latest adjustment represents an increase of N65 per litre and has already taken effect at NNPCL stations in areas including Wuse Zone 6, popularly known as Berger, Zone 4 and other parts of the Federal Capital Territory.
The development comes just a day after the state-owned oil company raised its pump price by N115 per litre, pushing the cost of petrol from N1,155 to N1,270 per litre.
The repeated increases have heightened concerns among motorists and businesses already grappling with rising transportation and operating costs.
The latest hike is linked to ongoing volatility in Nigeria’s downstream petroleum sector, following Dangote Refinery’s decision to resume the sale of refined products in U.S. dollars.
Global oil prices have also continued to climb, rising by nearly four per cent on Wednesday amid escalating tensions and airstrikes in the Middle East, a development that has added further pressure to fuel pricing in the local market.
With prices continuing to fluctuate, industry observers say consumers may face additional increases if global crude oil prices remain elevated.
