For the second time in under two days, the Nigerian National Petroleum Company Limited (NNPCL) has adjusted the retail cost of Premium Motor Spirit. Market observations indicate that the state-run entity raised petrol prices to N1,335 per litre on Wednesday, following an earlier increase to N1,270 on Tuesday.
This latest adjustment represents a hike of N65 per litre. These updated rates are now in effect at various NNPCL stations, including locations in Wuse Zone 6 and Zone 4 within Abuja and surrounding regions. Just one day prior, the company had implemented a significant increase of N115 per litre.
These changes occur during a period of ongoing instability in the downstream oil sector, partly linked to the Dangote Refinery beginning sales of refined products in U.S. dollars. Meanwhile, global oil prices experienced a nearly 4 percent surge on Wednesday as geopolitical tensions in the Middle East intensified.
