Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.
The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.
Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.
Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.
The increases coincide with a sharp rise in international crude oil benchmarks as of 1:00 pm WAT: BRENT CRUDE: $102.8 (+10.91%) and WTI CRUDE: $101.0 (+11.08%) due to the Middle East energy crisis.
The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.
The Refinery had yet to issue an official statement on the development as of the time of filing this report.
Oil prices soared 30 per cent Monday on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.
Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.
He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.
Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.
Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.
That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.