Motorists in Lagos and Abuja are facing higher fuel costs after the pump price of Premium Motor Spirit (PMS), commonly known as petrol, climbed to as much as N1,040 per litre in Lagos and N1,080 per litre in the Federal Capital Territory
The increase comes shortly after Dangote Refinery adjusted its ex-gantry price of petrol to N995 per litre.
Checks across several filling stations on Saturday showed that many retailers had already revised their pump prices in response to the development.
At NNPC retail outlets in Ilasa, Apple Junction and Ago Palace Way in Lagos, petrol was sold at N1,040 per litre. The new price reflects a N47 increase from the earlier rate of N993 per litre.
Stations operated by Emadeb Energy and PM Petroleum along the Oshodi–Apapa Expressway were also dispensing petrol at N1,040 per litre.
In Festac Town, the product was priced at N1,050 per litre at a Techno Oil outlet, while MRS stations in Lagos sold petrol for N1,057 per litre.
In Abuja, Gegu Oil Nigeria on Kubwa Expressway sold petrol at N1,050 per litre, while Empire Energy stations dispensed the product at N1,080 per litre.
However, an AP filling station in the capital offered a slightly lower price of N959 per litre.
The latest adjustment comes as rising tensions in the Middle East continue to affect global oil markets.
On Friday, crude oil prices jumped to around $91 per barrel amid the ongoing conflict involving the United States, Israel and Iran across the region.
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