Dangote Refinery has increased its gantry price for Premium Motor Spirit (PMS), raising the cost from N799 to N874 per liter.
The 650,000-barrel-per-day facility adjusted the price upward by N75 per liter on Monday, marking another hike within weeks.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the development Nigerian Newssphere. He attributed the increase to volatility in the international crude oil market triggered by escalating tensions in the Middle East.
“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 upward adjustment at the refinery level is likely to lead to higher retail pump prices across the country.
Meanwhile, global oil benchmarks recorded significant gains on Monday. Brent crude rose to $78.50 per barrel from $72.87 on Saturday, while West Texas Intermediate climbed to $71.84 per barrel from $67.02.
The latest increase comes weeks after the refinery raised its petrol price by N100 per liter to N799 on January 27.
