The Dangote Petroleum Refinery has increased its ex-depot prices for petroleum products, raising the gantry price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,175 per litre and Automotive Gas Oil (AGO), or diesel, to ₦1,620 per litre.
According to industry data reported by Petroleumprice.ng, the latest adjustment represents the fourth price review in less than two weeks, reflecting ongoing volatility in the global oil market.
Under the new pricing structure, petrol rose sharply from ₦995 per litre, while diesel increased from ₦1,430 per litre, indicating a continued upward trend in domestic fuel prices.
The increase comes amid a surge in international crude oil prices linked to the Middle East energy crisis. As of Monday afternoon, Brent crude traded at about $102.8 per barrel, while WTI crude stood at roughly $101 per barrel, both recording gains of more than 10 per cent.
Industry sources said the revised pricing template has already been communicated to fuel marketers, who may adjust their supply costs accordingly across Nigeria’s downstream petroleum market.
However, the Dangote refinery had not issued an official statement on the new pricing as of the time of filing this report.
Global oil prices have risen sharply as the conflict involving the United States, Israel and Iran continues to disrupt energy supply chains.
The war, which began on February 28, has raised fears of prolonged instability in the Middle East, pushing crude prices higher. U.S. President Donald Trump said the increase in oil prices was a “small price to pay” in efforts to eliminate Iran’s nuclear threat.
Since the start of the conflict, WTI crude prices have risen by more than 75 per cent, while Brent crude has climbed over 60 per cent.
Oil supply has also been affected by reported attacks on oilfields in southern Iraq and the Kurdish region, forcing some facilities to halt production. In addition, countries such as the United Arab Emirates and Kuwait have begun reducing output.
Meanwhile, maritime traffic through the Strait of Hormuz — a key route through which about a fifth of the world’s oil and gas passes — has been disrupted since the conflict began, further tightening global energy supplies.
