By Peace Udugba -The daily torch media
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) for the second time in four days.
The Daily Torch Media reports that the state-owned oil firm on Saturday raised the price of petrol to N967 per litre, up from N960, representing a N7 increase per litre.
The new price has already been implemented at several NNPCL filling stations in Abuja and its environs as of Saturday.
This latest adjustment follows an earlier price hike earlier in the week, when the company increased the pump price to N960 per litre from N875.
Meanwhile, other filling stations in the nation’s capital have also adjusted their pump prices, with petrol now selling between N967 and N1,000 per litre.
The Daily Torch Media gathered that the latest price adjustment comes amid rising global crude oil prices. On Saturday, crude prices reportedly climbed by about 9 percent, pushing both Brent and West Texas Intermediate (WTI) crude to above $90 per barrel.
Recall that the Dangote Refinery earlier in the week also increased its gantry price for petrol. The refinery raised its price on Monday following the surge in global crude oil prices, which has been linked to growing tensions and instability in the Middle East.
The development is expected to further impact fuel prices across the country as marketers adjust to the rising cost of supply.
