By Ayomide Otitoju
Dangote Petroleum Refinery has increased its ex-depot prices for refined petroleum products, raising the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), or diesel, has climbed to ₦1,620 per litre.
The latest adjustment marks the fourth price revision in less than two weeks, reflecting mounting pressure from volatility in the global oil market, according to a report by Petroleumprice.ng.
Industry sources quoted in the report said the new pricing template has been communicated to fuel marketers, following earlier price adjustments earlier this month.
Under the revised structure, the ₦1,175 per litre petrol price represents a sharp increase from the previous ₦995 per litre, while diesel rose significantly from ₦1,430 per litre, highlighting the sustained upward trend in domestic fuel prices.
The increase coincides with a surge in global crude oil benchmarks, with Brent Crude rising to $102.8 per barrel (+10.91%) and West Texas Intermediate climbing to $101.0 per barrel (+11.08%) as of 1:00 p.m. WAT, driven by escalating tensions in the Middle East.
Market analysts say the development is likely to trigger a ripple effect across Nigeria’s downstream petroleum sector, as depot operators and marketers adjust pump prices in response to the revised ex-depot rates from the country’s largest refining facility.
The refinery had not issued an official statement on the price adjustment as of the time this report was filed.
Meanwhile, global oil prices have surged amid fears of supply disruptions linked to the ongoing conflict involving the United States, Israel and Iran. Prices jumped around 30 per cent on Monday as the war entered its second week with no sign of de-escalation.
Speaking on the conflict, Donald Trump, President of the United States, said that only the “unconditional surrender” of Iran would bring an end to the hostilities. He added over the weekend that the spike in oil prices was a “small price to pay” to eliminate what Washington describes as Iran’s nuclear threat.
Since the outbreak of the conflict, WTI crude has risen by more than 75 per cent, while Brent crude has gained over 60 per cent, intensifying concerns over global energy supply.
Further disruptions have been reported in the region, including attacks on oilfields in southern Iraq and the autonomous Kurdistan region, forcing a US-operated oilfield to suspend production. At the same time, the United Arab Emirates and Kuwait have begun scaling back output.
Maritime traffic through the **Strait of Hormuz — a critical chokepoint through which about one-fifth of the world’s crude oil and gas passes — has also been halted since the conflict began on February 28, raising fears of a prolonged disruption to global energy markets.
