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PMS jumps to N960 in Abuja, N935 in Lagos amid Middle East crisis
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Dangote Refinery raises ex-depot price to N874 per litre
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PETROAN warns of further hikes as Brent climbs to $84
The escalating conflict between the United States, Israel and Iran has pushed petrol prices higher in Nigeria, with pump prices hitting N960 per litre in Abuja and N935 in Lagos.
Retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) in Abuja adjusted prices from N875 to N960 per litre.
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In Lagos, independent stations such as Bovas raised prices to N935, while some NNPC stations were not dispensing as of Tuesday.
The surge followed a N100 increase in gantry price by Dangote Refinery, moving the ex-depot rate from N774 to N874 per litre amid rising global crude prices.
READ ALSO: Dangote Cuts Petrol Price to N774 in Fresh Blow to Fuel Importers
Brent crude has climbed to about $84 per barrel, driven by fears of supply disruption in the Middle East, particularly around the strategic Strait of Hormuz, a key global oil transit route.
Petroleum marketers under PETROAN warned that Nigeria’s heavy reliance on imported refined products makes the country vulnerable to global shocks.
The association cautioned that sustained increases in crude prices could worsen inflation, strain foreign exchange reserves and trigger further pump price adjustments.
PETROAN urged the federal government to strengthen local refining capacity, ensure steady crude supply to domestic refineries and sustain the naira-for-crude policy to cushion the impact of external volatility on consumers.