BREAKING: NNPCL raises petrol price for the second time in four days
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit for the second time within four days.
The state-owned oil company raised the price of petrol to N967 per litre from the previous N960 per litre.
This represents a N7 per litre increase in the latest adjustment announced on Saturday.
The new petrol price has already been implemented across NNPCL filling stations in Abuja and surrounding areas.
The latest adjustment follows an earlier increase that moved the pump price from N875 per litre to N960 per litre earlier in the week.
Other filling stations across the Federal Capital Territory have also adjusted their pump prices to between N967 and N1,000 per litre.
Global crude oil prices also surged on Saturday with Brent crude and West Texas Intermediate rising by about nine percent to above $90 per barrel.
The increase in global crude prices has been linked to rising geopolitical tensions and instability across parts of the Middle East.
Earlier in the week, Dangote Refinery also raised its gantry petrol price following the spike in global crude oil prices.
The latest development signals continued pressure on fuel prices in Nigeria as global oil market conditions remain volatile.
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