The Nigerian National Petroleum Company Limited (NNPCL) and several other filling stations have increased the pump price of Premium Motor Spirit (PMS) for the second time in less than 24 hours following a rise in Dangote Refinery’s gantry price.

The state-owned oil firm on Sunday adjusted its petrol pump price from N967 to N1,082 per litre in Abuja and surrounding areas, marking an increase of N115 per litre.

This came shortly after an earlier adjustment that moved the price from N960 to N967 per litre. With the latest increase, NNPCL retail outlets have raised petrol prices by N207 per litre in less than one week.

Checks show that the new prices have already been implemented at several NNPCL filling stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4, and Lifecamp in Abuja.

Other filling stations, including MRS, AA Rano, Ranoil, and Empire Energy, have also revised their pump prices at least twice, with petrol now selling between N1,092 and N1,150 per litre, up from about N960 to N980 per litre previously.

Commenting on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, attributed the increase in domestic petrol prices to volatility in the global crude oil market.

According to him, the hike in Dangote Refinery’s gantry price and the subsequent retail price adjustments are linked to fluctuations in crude oil prices triggered by tensions involving Iran, the United States, and Israel, which are affecting the Gulf region.

He, however, urged regulators in Nigeria’s oil and gas sector to step in and help stabilise petrol prices to prevent further volatility.

The price increase follows a recent adjustment by Dangote Refinery, which raised its petrol gantry price by N121, from N874 to N995 per litre, amid a surge in global crude oil prices to above $90 per barrel.