The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by N75 per litre.
The latest adjustment takes the price of petrol at NNPCL filling stations from N1,270 to N1,345 per litre.
Checks at NNPCL filling stations in parts of Abuja, including Gwarimpa and Wuse Zones 4 and 6, showed that the new price had taken effect on Monday.
An attendant at one of the affected stations confirmed that the pump price was adjusted to N1,345 per litre.
The increase comes less than a week after NNPCL raised its petrol price by N20, from N1,250 to N1,270 per litre on August 25.
The latest development is also coming amid fresh price adjustments by other fuel marketers. MRS, Ranoil, Empire Energy and some other filling stations reportedly increased their petrol prices by between N20 and N80 per litre over the weekend.
The development follows a recent increase in the price of petrol supplied by the Dangote Refinery. The refinery had raised its gantry price by N65 to N1,265 per litre.
Dangote Refinery had also expressed concerns over the rising volume of petrol imports into Nigeria and threatened to restrict petrol sales to importers and marketers.
According to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), petrol imports accounted for 43.3 percent of total supply in July.
The latest fuel price increase is coming amid a rise in international crude oil prices. Brent crude was reported at $91.20 per barrel, while West Texas Intermediate (WTI) traded at $86.32 per barrel.
With the new adjustment, motorists and other fuel consumers are expected to face higher fuel costs, while transport operators may also review fares in response to the increase.
The development could further put pressure on the cost of goods and services, particularly as transportation remains a major component of the cost of moving people and goods across Nigeria.
