The Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,350 per litre, up from ₦1,275 per litre, marking a 6 per cent rise.
The price adjustment comes against the backdrop of continued instability in the global crude oil market, largely influenced by the prolonged US–Iran conflict. The crisis has disrupted oil production and supply chains in Iran and other key producing regions, contributing to rising costs.
Industry sources confirmed that the hike is primarily driven by the increasing cost of feedstock used in refining. According to a market insider, the refinery has already updated its pricing structure, with stakeholders expected to align accordingly.
The development is expected to have a ripple effect across the downstream sector, as oil marketers may soon adjust pump prices upward, potentially placing additional financial pressure on consumers nationwide.
