Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,350 per litre from ₦1,275 per litre, representing a 6 per cent rise.
The adjustment comes amid sustained volatility in the global crude oil market, driven largely by the prolonged US-Iran conflict, which has disrupted oil production and supply flows in Iran and other parts of the world.
A reliable source in the domestic market, who confirmed the development, attributed the increase primarily to the high cost of feedstock.
“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.
