Retail outlets owned by the Nigerian National Petroleum Company Limited have raised the pump price of Premium Motor Spirit, also known as petrol, from N965 to N990 per litre in the Federal Capital Territory, report has revealed.

It was gathered they have also increased their price in Lagos from N925 to N960 per litre.

This is trailing new development in the price of crude oil which recorded a marginal decline on Tuesday.

Look out from visits at some of the filling stations indicated that the prices have been adjusted at the retail outlets.

It was gathered that most NNPC stations in Lagos and Ogun sold PMS at the rate of N925/litre until around noon when the price was jerked up.

It was noted that the NNPC at Alapere and others in Lagos started selling the product at N960 around 3pm Tuesday.

The adjustment as gathered is about N20, or 2.1 per cent more than the N970 retail price announced by the Dangote refinery in partnership with MRS filling station, Ardova, and Heyden.

The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.

This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote refinery, expected to reshape the fuel supply chain in Nigeria.

Recall that on Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.

The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry.

Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.

At an NNPCL outlet at Airport Junction, it was gathered that the station sold at N990 per litre from N965 it sold on Monday.

Another station at Life Camp listed its products at N970 per litre while another station at Mabuchi was still selling at its previous price of N965 per litre.

Meanwhile, major and independent marketers have increased petrol prices to a peak cost of N1,030 per litre.

Checks indicated that filling stations located along Airport Road, Central Area and Nyanya in Abuja increased their retail cost between N990 and N1,030 per litre.

The amount represents an increase of N60 or 6.18 per cent from N970 it sold its products last week Friday.

AYM Shafa and Matrix filling stations along the airport road sold at N1,000 per litre while Shema station sold at N1,030.

It has been reported that loading activity commenced fully on Monday with bulk marketers loading products from the Dangote refinery.

Marketers reportedly have increased their prices between N965 and N975 per litre at depots but at filling stations, a litre increased above N1,000 in Lagos. In Akwa Ibom, prices increased to N1,100.

Some experts have predicted the hike is temporary, attributing it to an effect of former President Biden’s ban on Russian oil companies.

Meanwhile, Brent crude oil futures dropped to $79.98 per barrel on Monday, from $81 last Friday.

Brent crude for March delivery was down 1.5 per cent to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery declined 1.8 per cent to $76.46 per barrel.

But following the inauguration yesterday, the Brent crude rose again marginally to $80.05.

The US under Joe Biden, the immediate past president, had intensified sanctions on Russia, imposing heavy fines on its vessels.