The Dangote Refinery and Petrochemicals has increased its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, up from N995 per litre.
The development was confirmed on Monday by the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi on Monday.
Maigandi also disclosed that several other fuel depots are currently selling petrol at higher rates, with prices reaching N1,200 per litre.
An industry source noted that while the Dangote refinery had fixed its price at N1,175 per litre, another depot—Pinnacle Oil and Gas—was selling the product at N1,200 per litre. The source, however, added that the Dangote refinery had yet to commence loading at the new price.
The latest price adjustment comes amid renewed tensions in the Middle East, which have pushed global crude oil prices up to about $115 per barrel.
Despite the increase at the depot level, filling stations in the Federal Capital Territory had yet to adjust their pump prices as of the time of filing this report. Petrol was still being sold between N1,075 and N1,090 per litre.
More details are expected to emerge.
