The price of fuel for Premium Motor Spirit, or PMS, has been raised by the Nigerian National Petroleum Company Limited, or NNPCL.

Most NNPCL retail locations in Abuja and the surrounding areas have raised their fuel pump prices to between N1,395 and N1,430 per litre, according to a market study.

This indicates that the state-owned oil company raised the price of gasoline by N50 to N85 per litre.

NNPCL stores at Airport Junction, Gwarinpa, Kubwa Motorway, Wuse Zone 4, and other areas of the country's capital and surrounding areas have started to apply the new prices.

In response to Dangote Refinery's gantry price rise to N1,265 per litre, MRS filling stations increased their fuel pump prices to N1,395 per litre.

The evaluation of rising gasoline prices coincides with the price of Brent and West Texas Intermediate (WTI) crude rising to $107 and $103 per barrel, respectively, following a disastrous turn in the US and Iranian attacks last week.

Source