The Dangote Refinery has increased its Premium Motor Spirit (PMS) gantry price to ₦874 per litre, marking a ₦75 rise from the previous ₦799 per litre.
The 650,000-barrel-per-day facility adjusted the price on Monday, a move industry stakeholders say is linked to rising global crude oil prices amid escalating tensions involving Iran, the United States, and Israel.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the development, attributing the increase to volatility in the international oil market.
According to him, the surge in global crude prices over the past few days has created a ripple effect on domestic fuel pricing.
Brent crude climbed to $78.50 per barrel on Monday, up from $72.87 recorded on Saturday, while West Texas Intermediate (WTI) rose to $71.84 per barrel from $67.02 within the same period.
Ukadike warned that the adjustment at the refinery level is likely to trigger a corresponding increase in pump prices across the country as marketers respond to higher landing costs.
This latest hike follows a previous adjustment on January 27, when the refinery increased its petrol price by ₦100 per litre to ₦799.
With global crude markets reacting sharply to geopolitical instability, analysts say further volatility could continue to shape domestic fuel prices in the coming weeks.
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