Dangote Refinery has raised the gantry price of its Premium Motor Spirit.
The 650,000-barrel-per-day refinery raised its petrol price to N874 per liter, up from N799.
The implication of this is that Africa’s largest refinery adjusted its petrol price by N75 per liter on Monday.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, has confirmed Dangote Refinery’s price hike.
He said the move comes amid a hike in global crude oil prices following the Iran-United States-Israel conflict escalation in 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,” he said.
Ukadike said the development would trigger a retail fuel price hike nationwide.
On Monday, Brent and West Texas Intermediate crude blends rose to $78.50 and $71.84 per barrel, respectively, up from $72.87 and $67.02 on Saturday.
On January 27, Dangote Refinery hiked its petrol price by N100 per liter to 799 per liter.
