Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), or diesel, has been raised to ₦1,620 per litre.
Gatekeepers News reports that according to a report by Petroleumprice.ng, the adjustment represents the fourth price review by the refinery in less than two weeks as global oil markets experience heightened volatility.
Citing industry sources, the report said the updated pricing template has already been communicated to fuel marketers following earlier adjustments this month.
Under the revised structure, the new petrol price marks a significant increase from the previous ₦995 per litre, while diesel has risen sharply from ₦1,430 per litre — underscoring the continued upward movement in domestic fuel prices.
The price hike coincides with a surge in international crude oil benchmarks. As of 1:00 pm WAT, Brent crude was trading at $102.8 per barrel, up 10.91 percent, while West Texas Intermediate crude stood at $101.0 per barrel, reflecting an 11.08 percent increase amid tensions linked to the Middle East energy crisis.
The development is expected to trigger a ripple effect across Nigeria’s downstream petroleum sector as depot operators and fuel marketers adjust supply costs in response to the revised prices from the country’s largest refining facility.
As of the time of filing this report, the refinery had not issued an official statement confirming the latest price adjustment.
Global oil prices surged sharply on Monday, climbing about 30 percent over concerns about potential supply disruptions from the Middle East.
The spike follows the ongoing conflict involving the United States, Israel and Iran, which has entered a second week without signs of easing.
Donald Trump, the US president, said only the “unconditional surrender” of Iran would end the conflict. He added over the weekend that the spike in oil prices was a “small price to pay” to eliminate Iran’s nuclear threat, while the White House maintained that the price surge would be temporary.
Since the conflict began, WTI crude has risen by more than 75 percent, while Brent crude has climbed by over 60 percent.
Meanwhile, attacks on oilfields have been reported in southern Iraq and the northern autonomous Kurdistan Region, forcing a US-operated oilfield to halt production. In addition, the United Arab Emirates and Kuwait have begun reducing output.
Maritime traffic through the Strait of Hormuz — a key global shipping route through which about a fifth of the world’s crude oil and gas supply passes — has also been halted since the conflict began on February 28.
