Depot owners have raised their premium motor spirit ex-depot prices following rising crude oil prices and the Dangote Refinery’s resumption of refined product sales in dollars.
Checks by DAILY POST showed that several depot owners such as Sahara, Integrated, African Terminal, Emedab, and Ranoil have raised their prices to between N1,125 and N1,175 per litre, up from between N1,085 and N1,090 per litre.
This means that on Tuesday, ex-depot prices climbed by N30 to N90 per litre depending on the depot owners.
The Independent Petroleum Marketers Association of Nigeria had hinted to in an interview of an impending petrol price increase if the Nigerian government does not intervene in the Dangote Refinery’s switch to refined petroleum products’ sale in dollars.
This comes after a report emerged that Dangote Refinery had resumed selling petrol in dollars at $0.779 per litre, which stood at N1075 per litre.
Crude oil on Tuesday surged to as high as $85 per barrel for Brent crude as the over four-month war between Iran, the United States, and Israel escalated further in the last four days.
As a result of the tension in the middle, there are indications of a fresh plan to close the Strait of Hormuz.
