Dangote Refinery has increased its gantry price of Premium Motor Spirit (petrol) to ₦1,275 per litre, up from ₦1,200, reflecting rising global crude oil prices and geopolitical tensions.
The adjustment represents an increase of about ₦75, or roughly 5 percent, coming after nearly a week of stable fuel prices despite fluctuations in the international oil market.
The development follows growing global concerns, including threats of escalating conflict involving Donald Trump and Iran, which have contributed to volatility in crude oil prices.
Speaking earlier, Aliko Dangote, president of the refinery, assured Nigerians and other African countries of steady fuel supply despite global disruptions. He emphasized that the refinery has the capacity to meet demand across West, Central, and East Africa.
The price increase comes shortly after the refinery reduced petrol prices in March when global oil prices declined. However, with crude benchmarks such as Brent and West Texas Intermediate rising to over $100 per barrel, the refinery has adjusted its pricing accordingly.
The latest hike is expected to impact domestic fuel costs, as Nigeria continues to respond to global energy market pressures.
