Retail outlets owned by the Nigerian National Petroleum Company Limited have increased the pump price of Premium Motor Spirit, PMS, from N965 to N990 per litre in the Federal Capital Territory.
The outlets in Lagos state also saw a price increase from N925 to N960 per litre.
This is even as the price of crude oil showed a marginal decline on Tuesday.
It was gathered that some of the filling stations indicated that the prices have been adjusted.
The price adjustment reflects ongoing market changes and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.
This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote refinery, expected to reshape the fuel supply chain in Nigeria.
It would be recalled that on Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.
The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry.
According to Dealers, PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.
Meanwhile, Brent crude oil futures dropped to $79.98 per barrel on Monday, from $81 last Friday.
Brent crude for March delivery was down 1.5 per cent to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery declined 1.8 per cent to $76.46 per barrel.
But following Trump’s inauguration on Monday January 20, the Brent crude rose again marginally to $80.05.
The US under Joe Biden, the immediate past president, had intensified sanctions on Russia, imposing heavy fines on its vessels.
Reports also indicated that most NNPC stations in Lagos and Ogun sold PMS at the rate of N925/litre until around noon when the price was jerked up.
