Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by ₦85 per litre, raising the wholesale price from ₦1,265 to ₦1,350.
According to Petroleumprice.ng, the new price represents a 6.7 per cent increase as rising international crude oil prices and petroleum product replacement costs continue to put pressure on the market.
The latest Dangote price is now above the PMS landing-cost benchmark of ₦1,311 per litre, making pricing decisions harder for depot owners and independent marketers.
The refinery had kept its Lagos gantry price at ₦1,265 despite higher global prices. But the renewed rise in crude and replacement costs appears to have changed that position.
Depot marketers nationwide are already adjusting prices and stock levels. Similar concerns are also being reported in Warri, Port Harcourt and Calabar.
However, depot prices differ based on stock availability, product source and market conditions.
The adjustment comes as global crude prices climbed above $100 per barrel, their highest since July, amid rising Middle East tensions.
Brent rose 2.8 per cent to above $100, while WTI gained 2.9 per cent to $95.70. Both are now more than 60 per cent above their start-of-year levels.
The latest rise followed reports of strikes involving Iranian oil tankers in the Gulf of Oman and another vessel near Kharg Island, alongside attempted missile attacks on a US Navy warship.
