The pump price of premium motor spirit (PMS), also known as petrol, has increased to as high as N1,040 per litre in Lagos and N1,080 per litre in Abuja.
The development comes a day after the Dangote refinery increased its ex-gantry price of petrol to N995 per litre.
Observe by Summitpost on Saturday showed that the price of the commodity was hiked across several retail outlets in Lagos and Abuja.
At NNPC retail outlets in Ilasa, Apple Junction, and Ago Palace Way, Lagos, petrol was sold for N1,040 per litre.
The latest adjustment represents an increase of N47, up from the previous price of N993 per litre.
It was also observed that Emadeb Energy and PM Petroleum along the Oshodi/Apapa Expressway were selling petrol at N1,040 per litre.
At the Techno Oil retail outlet in Festac Town, the product was priced at N1,050 per litre.
Also, MRS filling stations in Lagos sold petrol at N1,057 per litre.
In Abuja, petrol was sold for N1,050 per litre at Gegu Oil Nigeria along the Kubwa Expressway, while Empire Energy fuel stations dispensed the product at N1,080 per litre.
At an AP fuel station, the price of the commodity was N9597 per litre.
The pump price hike comes amid the ongoing geopolitical tensions in the Middle East, which have triggered significant shifts in global crude oil prices.
On Friday, crude oil price surged to $91 a barrel as the war involving the United States (US), Israel, and Iran continued to spread across the region.