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, representing a 6 per cent hike.
The price adjustment comes amid ongoing volatility in the global crude oil market, largely driven by the prolonged tensions between the United States and Iran, which have disrupted oil production and supply chains across key regions.
A source within the domestic oil market, who confirmed the development, attributed the increase to the rising cost of feedstock used in refining.
“The refinery’s pricing template has already been adjusted, and all stakeholders are expected to comply. In the coming days, oil marketers are likely to raise pump prices, meaning consumers will pay more,” the source said.
The development is expected to have a ripple effect across the downstream sector, with consumers likely to face higher fuel prices in the coming days as marketers adjust to the new ex-depot rate.
Elijah Adeyemi
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