Dangote Refinery has increased the gantry price of Premium Motor Spirit (petrol) to N874 per litre, up from N799 per litre.
The 650,000-barrel-per-day refinery raised the price by N75 per litre on Monday, marking a fresh adjustment in its fuel pricing.
The spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the price increase, attributing it to rising global crude oil prices.
According to him, the surge follows escalating tensions in the Iran–United States–Israel conflict over the past few days, which has triggered volatility in the international oil market.
“It is due to global crude oil price volatility following the Iran–US–Israel war. It is the ripple effect of the ongoing conflict,” Ukadike said.
He warned that the refinery’s new pricing is likely to push retail petrol prices higher across Nigeria.
Reports indicate that global crude benchmarks also rose sharply on Monday. Brent Crude Oil climbed to $78.50 per barrel, while West Texas Intermediate increased to $71.84 per barrel, up from $72.87 and $67.02 respectively recorded on Saturday.
