The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol for the second time in four days.
The state-owned oil firm on Saturday adjusted the price of Premium Motor Spirit (PMS) to ₦967 per litre from ₦960 at its retail outlets.
The new price has already been implemented at several NNPCL filling stations in Abuja and surrounding areas.
The latest adjustment comes days after the company earlier raised the price of petrol from ₦875 to ₦960 per litre.
Meanwhile, market checks in Lagos showed that petrol is now selling between ₦1,020 and ₦1,080 per litre at different filling stations across the city, depending on the location.
The increase follows a recent price adjustment by Dangote Refinery, which reportedly raised its ex-depot petrol price to ₦995 per litre from ₦874 due to the rising cost of crude oil in the international market.
Global oil prices have climbed significantly, with Brent Crude trading above $90 per barrel amid tensions in the Middle East.
Energy analysts warn that continued volatility in the global oil market could push petrol prices in Nigeria even higher, potentially nearing ₦1,100 per litre if crude prices keep rising.
Reports from Ibadan also indicated that petrol has reached as high as ₦1,200 per litre in some areas as marketers adjust their pump prices to reflect the new cost structure.