Retail outlets operated by the Nigerian National Petroleum Company (NNPC) Limited have raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦945 per litre in the Federal Capital Territory (FCT) as of Monday.
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The fresh increase also affected NNPC stations in Lagos, where petrol now sells for ₦915 per litre. In Ibadan, the Oyo State capital, pump prices climbed to ₦925 per litre. These hikes represent increases of ₦35 to ₦45 per litre compared to the previous prices—₦910 in Abuja and ₦870 in Lagos.
This development follows the Dangote Petroleum Refinery’s recent adjustment of its ex-depot petrol price from ₦825 to ₦880 per litre, which has triggered similar reactions from fuel retailers nationwide.
At the NNPC retail outlet in Kubwa’s Federal Housing area of Abuja, the new ₦945 rate was clearly displayed. A similar price was recorded at the state-owned mega station on Obasanjo Way. In Lagos, NNPC stations in Igando and along the Badagry Expressway reflected the new ₦915 per litre cost.
The upward price revision comes amid surging global oil prices, which analysts attribute to rising geopolitical tensions in the Middle East.
The situation was exacerbated after U.S. President Donald Trump authorized a military strike targeting three nuclear facilities in Iran—Fordow, Isfahan, and Natanz—effectively marking a significant escalation in the Iran-Israel conflict.
Trump, in a televised address from the White House, said the facilities had been “completely and fully obliterated” and warned that further action would follow if Iran retaliated against the U.S. or its allies.
Market analysts warn that this U.S. intervention could lead to significant volatility in global financial and commodity markets, with crude oil prices expected to surge sharply.
Nigel Green, CEO of the deVere Group, said: “The U.S. strike on Iran’s nuclear sites is a market-defining moment. It disrupts the assumptions driving global investment strategies: lower inflation, declining interest rates, and stable energy prices. That framework has just been shattered.”
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