Retail outlets operated by the Nigerian National Petroleum Company (NNPC) Limited have increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦945 per litre in the Federal Capital Territory (FCT) and ₦915 in Lagos as of Monday, reflecting new price pressures in the downstream petroleum market.

The hike represents a ₦35 rise in Abuja and ₦45 in Lagos from their previous prices of ₦910 and ₦870 per litre, respectively. The new prices were observed at several NNPC-owned stations, including those in Kubwa and along Obasanjo Way in Abuja, as well as retail outlets in Igando and along the Badagry Expressway in Lagos.

This latest adjustment follows closely on the heels of a price review by Dangote Petroleum Refinery, which recently raised its ex-depot price of petrol from ₦825 to ₦880 per litre. In response, several marketers, including MRS, TotalEnergies, and Oluwafemi Arowolo Petroleum, also adjusted their pump prices, now ranging from ₦910 to ₦925 per litre in various locations across Lagos.

Depot sources confirmed that major supply hubs in the state — including Wosbab, Pinnacle, and NIPCO — have aligned with this trend, setting ex-depot prices between ₦920 and ₦925 per litre as of June 23. Rising international crude prices and upstream cost pressures were cited as contributing factors.

Analysts warn that worsening geopolitical tensions — particularly the intensifying conflict between the United States and Iran — are compounding the situation. A recent airstrike attributed to U.S.-Israeli forces on Iranian nuclear infrastructure has heightened concerns of potential global supply disruptions. Crude prices are now projected to breach the $80 per barrel mark.