The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS, popularly known as petrol, across some of its retail outlets.
Reports indicate that the new price has been implemented at NNPCL stations in Airport Junction, Gwarinpa, Kubwa Expressway, Wuse Zone 4 and other parts of Abuja and its environs.
The latest upward review in the price of petrol comes amid a sharp increase in global crude oil prices, with Brent crude reportedly rising to 107 dollars per barrel, while West Texas Intermediate, WTI, climbed to 103 dollars per barrel.
The increase in crude prices followed a worsening situation involving Iran and the United States, with military strikes between both sides taking a devastating turn last week.
The development is expected to further affect the domestic downstream petroleum market, where fluctuations in international crude prices continue to influence the cost of petrol.
Motorists and other petroleum consumers are now expected to monitor prices at filling stations closely as the new pump price takes effect.
The latest adjustment could also have wider implications for transportation and the prices of goods and services, particularly if the increase is sustained.
As of the latest reports, the new prices are being implemented at NNPCL outlets in Abuja and surrounding areas, with further developments expected across the country.
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