Nigeria’s largest refining facility, the Dangote Petroleum Refinery, has increased its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), also known as diesel, now sells at ₦1,620 per litre.
The latest adjustment marks the fourth price review in less than two weeks, according to industry platform Petroleumprice.ng, which cited sources within the downstream petroleum sector.
Industry insiders said the revised pricing template has already been communicated to marketers, following several earlier adjustments made by the refinery this month.
Sharp Price Increase
Under the new structure, the petrol price rose significantly from ₦995 per litre, while diesel climbed from ₦1,430 per litre, reflecting a sharp upward trend in domestic fuel prices.
Analysts say the development could trigger wider increases across Nigeria’s downstream market as depot operators and fuel marketers adjust supply costs in response to the refinery’s pricing.
The refinery had yet to issue an official statement confirming the latest adjustment as of the time of filing this report.
Global Oil Prices Surge
The price revision coincides with a sharp surge in international crude oil benchmarks amid escalating tensions in the Middle East.
As of 1:00 pm WAT, Brent Crude traded at $102.8 per barrel, up 10.91 per cent, while West Texas Intermediate rose to $101.0 per barrel, gaining 11.08 per cent.
Global oil markets have been rattled by supply fears linked to the ongoing US-Israel war with Iran, which has entered its second week.
Supply Disruptions
Oil prices surged nearly 30 per cent on Monday as concerns grew over potential supply disruptions from the Middle East.
Reports indicated that attacks on oilfields occurred in southern Iraq and in the northern autonomous Kurdistan region, forcing a US-operated oil facility to halt production. Meanwhile, the United Arab Emirates and Kuwait have begun reducing oil output.
Shipping activity through the Strait of Hormuz—a key global energy corridor that carries about one-fifth of the world’s crude oil and gas—has also been suspended since the conflict began on February 28.
The disruption has heightened fears of a prolonged supply shock in the global oil market.
Commenting on the price surge, Donald Trump said at the weekend that the spike was a “small price to pay” to eliminate Iran’s nuclear threat, insisting the increase in global energy prices would be temporary.
