By Michael AMAJAMA
The Nigerian National Petroleum Company Limited, NNPCL, has hiked the price of petrol for the second time in four days.
NNPCL increased its petrol on Saturday to N967 per liter, from N960, representing a N7 per liter upward price review.
This is just as petrol hits ₦1,080 per litre in Lagos on Saturday and in Abuja for between N1,030 to N1, 116 per litre.
Already, the new fuel price has been implemented in NNPCL filling stations in Abuja and its environs.
This development followed an earlier price hike to N960 per liter from N875.
On Saturday, crude oil prices rose by 9 percent to above $90 per barrel for Brent and West Texas Intermediate.
On Monday, Dangote Refinery raised its gantry petrol price on the back of rising crude prices due to the turmoil in the Middle East.
Meanwhile, petrol prices have surged to about ₦1,080 per litre in parts of Lagos amid ongoing tensions in the Middle East that have pushed crude oil prices higher in the international market.
A market survey across several filling stations in Lagos on Saturday showed that the price of Premium Motor Spirit (PMS), popularly known as petrol, now ranges between ₦1,020 and ₦1,080 per litre, depending on the location and the filling station.
The latest increase follows a recent adjustment in the ex-depot price of petrol by the Dangote Refinery, which determines the rate at which fuel marketers purchase the product before selling it to consumers at the pump.
It was gathered that the refinery recently raised its ex-depot price to ₦995 per litre from ₦874 in response to rising crude oil prices on the global market.
As of the time of filing this report, Brent crude was trading at about $92.69 per barrel amid growing concerns over possible supply disruptions linked to escalating tensions in the Middle East.
The spike in global oil prices has been attributed to hostilities involving the United States, Israel and Iran, which analysts say could further tighten global oil supply.
Energy analysts warn that if the upward trend in crude prices continues, petrol prices in Nigeria could rise further, potentially approaching ₦1,100 per litre.
Checks by our correspondent showed that several filling stations have already adjusted pump prices to reflect the new pricing structure.
Reports from Ibadan also indicated that petrol was selling for as high as ₦1,200 per litre in some areas.
Meanwhile, Nigerians across major cities are grappling with rising petrol prices after the Dangote Petroleum Refinery increased its gantry price of Premium Motor Spirit to N995 per litre, triggering retail price adjustments nationwide and pushing pump prices above N1,000 per litre in some states.
Findings showed that petrol now sells between N1,000 and N1,190 per litre depending on location and retail outlet.
This has resulted in rising transport fares as costs of goods and services soar in many parts of the country.
Although the price increase has not triggered panic buying in most states due to steady supply, motorists, transport operators and small business owners say the new price regime is placing additional strain on household incomes already stretched by inflation.
