The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, for the second time in less than two days.
A market survey showed that NNPCL raised the price of petrol from N1,270 per litre on Tuesday to N1,335 per litre on Wednesday at its retail outlets in Abuja.
The latest increase means the state-owned oil company added N65 per litre to the price of petrol.
The new price has already taken effect at NNPCL filling stations in Wuse Zone 6 (Berger), Zone 4, and other outlets across Abuja and nearby areas.
The adjustment comes just one day after NNPCL increased the pump price by N115 per litre, raising it from N1,155 to N1,270 per litre.
The latest hike follows continued price fluctuations in Nigeria’s downstream petroleum sector after Dangote Refinery resumed selling refined petroleum products in U.S. dollars instead of naira.
Meanwhile, crude oil prices rose by nearly 4 percent on Wednesday as airstrikes intensified in the Middle East, adding further pressure to the global oil market.
