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NNPC raises petrol price to N933 per litre in Lagos and N960 in Abuja.
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Price increased by N103 in Lagos and N85 in Abuja across NNPC retail outlets.
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Global crude oil surge and Dangote refinery price hike linked to latest adjustment.
The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja, marking a fresh increase in fuel costs across the country.
The national oil company increased the price by N103 from N830 per litre in Lagos and by N85 from N875 per litre in Abuja. Observations showed that NNPC retail stations at Apple Junction and Ago Palace Way in Lagos had already adjusted their pumps to the new price.
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In Abuja, the product was also sold at N960 per litre at NNPC retail outlets along Airport Road in Lugbe.
The price adjustment comes days after the Dangote Petroleum Refinery increased its ex-gantry petrol price to N874 per litre on March 2, up from N774 per litre.
Analysts say the development is partly linked to rising global crude oil prices triggered by geopolitical tensions in the Middle East. On March 3, Brent Crude climbed to $85 per barrel, up from $72 recorded on February 28.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to ensure steady crude oil supply to local refineries to cushion the impact of global disruptions on Nigeria’s petroleum market.
The association warned that continued volatility could affect foreign exchange stability, domestic fuel pricing and inflation.