The Premium Motor Spirit gantry price has been raised by Dangote Refinery.
The refinery, which has a capacity of 650,000 barrels per day, raised its petrol price to N874 per liter from the previous price of N799.
This indicates that on Monday the continent’s biggest refinery modified its petrol price by N75 per liter.
On Monday, Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, exclusively confirmed to ZINGTIE that Dangote Refinery had raised its prices.
He stated that the action occurs in the context of rising global crude oil prices due to the recent escalation of conflict involving Iran, the United States, and Israel.
“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he told ZINGTIE.
He stated that the development would cause a nationwide increase in retail fuel prices.
Brent and West Texas Intermediate crude blends increased to $78.50 and $71.84 per barrel on Monday, respectively, rising from Saturday’s figures of $72.87 and $67.02.
It is worth remembering that on January 27, Dangote Refinery raised its petrol price by N100 per liter, bringing it to 799 per liter.
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