THE pump price of the premium motor spirit (PMS), popularly called petrol or fuel, has reverted upwards to nearing N1,000 per litre after declining in recent months.

The state-owned oil firm, Nigerian National Petroleum Company Limited (NNPCL) and other marketers and retail outlets have started adjusting their pump prices. The ICIR can report.

In Lagos, The ICIR observed that the NNPCL has increased its pump price of petrol to N915 per litre and reportedly to N945 per litre in Abuja.

This adjustment represents a N45 hike from N870 per litre in Lagos and N35 from N910 in Abuja from its previous pump prices.

The ICIR gathered that some NNPCL retail outlets along the Lagos-Ibadan Expressway have hiked their pump prices to N915 per litre, and at the same rate at other of its filling stations, including Ojudu Berger and Igando.

In Abuja, the NNPCL  have adjusted the petrol pump price to N945 per litre at the Federal Housing area, Kubwa, up from the previous price of N910 per litre.

Some other independent marketers’ retail outlets have likewise raised their petrol prices.

The MRS filling stations, a major key retail outlets partner with Dangote Petroleum Refinery, had on Sunday, June 22, announced adjusting its pump price to N925 per litre in Lagos, N935 in other south-west states, N945 in north-west and north-central, and N955 in north-east, south-south and south-east.

The ICIR reported on May 22 that the Dangote Refinery had recently fixed the petrol pump price of petrol for its retail outlets partners at N875 per litre in Lagos and N885 in other southwest states.

In the northwest and north-central, it was fixed at N895 per litre and N905 per litre in the north-east, south-south and south-east.

The recent pump price adjustment came two days after the Dangote refinery increased its ex-depot price to N880 per litre.

The price of crude oil in the international market, which determines the up and down movement of the price of refined petroleum products, has been inching higher in recent times following the geopolitical tensions in the Middle East.

The ICIR reported that the global crude oil prices jumped over seven per cent to $74.85 for the first time in over four months on Friday, June 13, after an Israeli attack on Iran.

Since then, the oil price has continued to rise.

On Monday, June 23, at about 10:00 GMT, Brent crude futures were up 78 cents to $77.79 a barrel, and the U.S. West Texas Intermediate crude rose by 76 cents to $74.60.