The Dangote Refinery has increased its gantry price for Premium Motor Spirit (PMS), raising the cost from N799 to N874 per litre.
The 650,000-barrel-per-day refinery adjusted its petrol price by N75 per litre on Monday, marking another upward review within weeks.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the development, attributing the hike to rising global crude oil prices triggered by escalating tensions involving Iran, the United States and Israel.
“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.
According to him, the increase at the refinery level is expected to push up retail pump prices across the country, as marketers adjust to the new ex-depot rate.
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The latest development comes amid renewed volatility in the global oil market. On Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate (WTI) climbed to $71.84 per barrel. The figures represent a significant jump from Saturday’s prices of $72.87 for Brent and $67.02 for WTI.
Industry observers say fluctuations in global crude benchmarks directly influence domestic petrol pricing, particularly following the deregulation of Nigeria’s downstream sector.
This is not the first adjustment by the refinery this year. On 27 January, Dangote Refinery raised its petrol price by N100 per litre to N799, citing market realities at the time.
The fresh hike is likely to intensify concerns among consumers already grappling with high transportation and living costs. Analysts warn that further instability in global oil-producing regions could sustain upward pressure on fuel prices in the short term.
As Africa’s largest refinery, Dangote’s pricing decisions significantly shape Nigeria’s downstream market, with independent marketers and major distributors closely watching its ex-depot rates when determining pump prices nationwide.
