ABUJA, Nigeria (VOICE OF NAIJA)-Dangote Refinery has raised its gantry price for Premium Motor Spirit.
The 650,000-barrel-per-day facility increased the petrol price to N874 per litre from N799.
This indicates that Africa’s largest refinery adjusted its petrol price upward by N75 per litre on Monday.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the price increase by Dangote Refinery on Monday.
He explained that the adjustment follows a surge in global crude oil prices amid the recent escalation of tensions involving Iran, the United States, and Israel over the past three days.
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“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he said.
He further noted that the increase is expected to lead to a rise in retail fuel prices across the country.
On Monday, Brent and West Texas Intermediate crude grades climbed to $78.50 and $71.84 per barrel, respectively, compared to $72.87 and $67.02 recorded on Saturday.
It will be recalled that on January 27, Dangote Refinery had earlier raised its petrol price by N100 per litre to 799 per litre.