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Dangote Refinery raises petrol gantry price to N995 per litre, up by N121 within days
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Fuel pump prices cross N1,000 nationwide as marketers adjust retail rates
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Crude oil surge amid Middle East tensions blamed for fresh petrol price hike
Nigeria’s petrol prices have surged nationwide after the Dangote Refinery raised its Premium Motor Spirit (PMS) gantry price to N995 per litre, up from N874 per litre recorded earlier in the week.
The increase of N121 per litre marks the refinery’s second petrol price hike within four days, following an earlier N100 increment attributed to global crude oil volatility.
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The refinery had previously explained that the price adjustments were driven by rising crude oil prices triggered by escalating tensions in the Middle East.
READ ALSO: Dangote Refinery hikes petrol price to N995 per litre
Industry data indicates that the latest adjustment has pushed petrol pump prices across Nigeria above N1,000 per litre, as filling stations revise their retail rates.
Checks in Abuja showed that outlets operated by MRS Oil Nigeria and the Nigerian National Petroleum Company Limited (NNPCL), along with other marketers, are now selling petrol between N967 and N1,010 per litre.
Meanwhile, market data from the Major Energies Marketers Association of Nigeria indicates that imported petrol is currently about N185.17 per litre cheaper than locally supplied fuel from the refinery.
Global oil prices have also continued to climb amid the ongoing tensions involving Iran, the United States, and Israel in the Gulf region.
According to oil market trackers, crude prices rose by about 9 percent, reaching approximately $90.90 to $93 per barrel as of Sunday.
Analysts warn that with crude prices still climbing, domestic petrol prices in Nigeria may continue to rise in the coming weeks.
Despite the volatility, Dangote Refinery has assured Nigerians that it will maintain steady petrol supply, though it ruled out the possibility of immediate price stability.
