Dangote Refinery Hikes Petrol Price to N874 Amid Global Crude Surge

Dangote Refinery has adjusted its Premium Motor Spirit (PMS) gantry price, increasing the cost of petrol by N75 per liter. The 650,000-barrel-per-day refinery raised the price from N799 to N874 per liter on Monday.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), spoke to PulseNets and confirmed the development. According to him, the decision follows a surge in global crude oil prices amid escalating tensions between Iran, the United States, and Israel over the past three days.

“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” Ukadike told PulseNets.

He added that the adjustment at Dangote’s gantry is likely to trigger a corresponding retail fuel price hike across the country.

PulseNets learnt that on Monday, Brent and West Texas Intermediate (WTI) crude oil prices rose to $78.50 and $71.84 per barrel, respectively, compared with $72.87 and $67.02 recorded on Saturday.

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It is recalled that Dangote Refinery had previously increased its petrol price to N799 per liter on January 27, marking a N100 per liter hike at the time.