Following a spike in the price of crude oil due to growing geopolitical tensions in the Middle East, the Nigerian National Petroleum Company Limited (NNPCL) raised the price of Premium Motor Spirit (PMS) at its retail locations in Abuja from N875 to N960 per litre. Petrol was selling at N960 per litre on Tuesday, up from N875 per litre on Monday according to Lagos Times News checks at a number of NNPCL stations in the Federal Capital Territory
. This comes after Dangote Petroleum Refinery increased its gantry pricing by N100 on Monday, raising the ex-depot rate from N774 to N874 per litre. All of these actions have sparked worries about more increases in fuel prices throughout Nigeria.
The escalation came after coordinated US-Israeli bombings on Iranian targets that allegedly killed Ayatollah Khamenei, Iran’s supreme leader.
In retaliation, Iran has attacked US military installations and interests throughout the Middle East, including Saudi Arabia, Bahrain, Qatar, and the United Arab Emirates.
