Dangote Petroleum Refinery has increased its ex-depot prices for refined petroleum products, raising the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), or diesel, has climbed to ₦1,620 per litre.
The latest adjustment marks the fourth price review in less than two weeks, reflecting continued volatility in global oil markets, according to a report by Petroleumprice.ng.
Quoting industry sources, the report said the refinery has already communicated the updated pricing template to fuel marketers following several earlier revisions this month.
Under the new structure, petrol rose sharply from ₦995 per litre, while diesel increased from ₦1,430 per litre, highlighting the sustained upward pressure on domestic fuel prices.
The latest increases come amid a surge in global crude oil benchmarks as of 1:00 p.m. WAT, with Brent crude trading at $102.8, up 10.91 per cent, and West Texas Intermediate (WTI) at $101.0, up 11.08 per cent, driven by escalating tensions in the Middle East energy market.
Analysts say the development could trigger further price adjustments across Nigeria’s downstream petroleum sector as depot operators and marketers recalibrate supply costs in line with the new refinery prices from the country’s largest refining facility.
As of the time of filing this report, the refinery had yet to issue an official statement on the adjustment.
Meanwhile, global oil prices surged as much as 30 per cent on Monday amid mounting fears over supply disruptions in the Middle East. The rally comes as the US–Israeli war with Iran entered its second week with no immediate signs of de-escalation.
Concerns that the conflict could persist intensified after US President Donald Trump said only the “unconditional surrender” of Iran would end the war. 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 increase in prices would be temporary.
Since the outbreak of hostilities, WTI crude has risen by more than 75 per cent, while Brent crude is up over 60 per cent.
Reports of attacks on oilfields in southern Iraq and in the northern autonomous Kurdistan region forced a U.S.-operated oilfield to halt production. At the same time, the United Arab Emirates and Kuwait have begun scaling back output.
Compounding supply concerns, maritime traffic through the Strait of Hormuz, a critical chokepoint that carries about 20 per cent of global crude oil and gas shipments has been suspended since the conflict began on February 28.
