On Tuesday, petrol stations across the country raised pump prices from an average of ₦750 per liter to ₦850 per liter. Marketers attributed the increase to rising crude oil prices in the international market, which climbed from an average of $64 per barrel to $68 on Monday.
The rise in crude prices prompted the Dangote Refinery to increase its gantry price for petrol from ₦699 per liter to ₦799 per liter, representing the same 14.3 percent increase. Following this adjustment, retail outlets in Abuja, Lagos, and other regions raised their prices accordingly.
NNPC Retail stations increased prices from ₦815 to ₦835 per liter, while some independent marketers implemented larger hikes. AYM Sharfa, for example, raised its pump price from ₦815 to ₦900 per liter.