Dangote Refinery has increased the gantry price of its Premium Motor Spirit, pushing the cost up by N75 per litre.
The 650,000-barrel-per-day facility adjusted its petrol price from N799 to N874 per litre on Monday. The change reflects a N75 increase compared to the previous rate.
Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria, confirmed the development in an interview with newsmen. He linked the decision to developments in the global oil market.
“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he said.
Ukadike noted that the adjustment at the refinery level is likely to result in higher pump prices across the country.
Data from the international oil market show that Brent crude rose to $78.50 per barrel on Monday, up from $72.87 recorded on Saturday. West Texas Intermediate also climbed to $71.84 per barrel from $67.02 over the same period.
The latest review comes weeks after the refinery increased its petrol price by N100 per litre to N799 on January 27.
