Retail outlets owned by the Nigerian National Petroleum Company Limited have effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, from N965 to N990 per litre in the Federal Capital Territory.
The new price template effected nationwide on Tuesday also increased NNPCL price in Lagos from N925 to N960 per litre.
Checks by our correspondent at some of the filling stations indicated that the price has been adjusted.
The amount is N20 or 2.1 per cent more than the N970 retail price announced by the Dangote Refinery in partnership with MRS filling station, Ardova, and Heyden.
The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.
This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote Refinery, expected to reshape the fuel supply chain in Nigeria
Recall that on Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.
The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry.
Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.