Retail outlets operated by the Nigerian National Petroleum Company (NNPC) Limited today raised the pump price of Premium Motor Spirit (petrol) to N945 per litre in the Federal Capital Territory (FCT).
The price hike was also implemented at NNPC stations in Lagos, where petrol now sells for N915 per litre, reports Nigerian Tribune.
The adjustment marks a fresh increase of N45 in Lagos and N35 in Abuja, compared to the previous rates of N870 and N910, respectively.
Ibadan, the Oyo State capital, also recorded a rise in pump prices to N925 per litre at NNPC outlets.
The upward revision follows shortly after the Dangote Petroleum Refinery raised its ex-depot petrol price from N825 to N880 per litre— an industry move that has now triggered wider market response among retailers nationwide.
At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new rate of N945 per litre was prominently displayed.
A similar adjustment was recorded at the state-owned mega station along Obasanjo Way.
In Lagos, NNPC outlets in Igando and along the Badagry Expressway reflected the revised N915 per litre price.
The fuel price increase comes amid global oil market volatility triggered by heightened geopolitical tensions.
It was earlier reported that the global prices of oil may see a spike following US President Donald Trump’s decision to strike three nuclear facilities in Iran, directly entering the ongoing tensions between Iran and Israel.
It will be recalled that Trump, while addressing the nation from the White House, said the Fordow, Isfahan, and Natanz facilities were “completely and fully obliterated” in a military operation on Iran.
The U.S. added there are more targets left if the Iranian regime attempted to attack America or its interests.
Following the US attack on Iran, the market impact of President Donald Trump’s decision is already beginning to reshape investor expectations across asset classes, sectors and geographies.
As markets reopen, reports say investors are bracing for sharp volatility, with crude oil prices expected to surge and inflation forecasts now under intense scrutiny.
With the U.S. formal entry into the conflict that had remained largely contained within the Middle East, there’s a growing fear the action may trigger broad-based repricing across the global economy.
“The US strike on Iran’s nuclear sites is a market-defining moment,” says Nigel Green, CEO of financial advisory giant deVere Group.
“It’s a direct hit to the assumptions that have been driving investor positioning: lower inflation, falling rates, and stable energy prices. This framework has just been broken.”
