The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,245 per litre, as global oil markets continue to react to escalating tensions linked to the Iran war.
The latest adjustment reflects the growing impact of geopolitical instability in the Middle East on Nigeria’s downstream petroleum sector, with crude oil prices rising sharply and pushing up the cost of refined products worldwide.
Industry stakeholders say the development is part of a broader trend, with domestic fuel prices increasingly tied to international crude benchmarks despite local refining capacity.
Speaking on the situation, oil marketers have urged Nigerians to brace for further increases, noting that supply stability remains more critical than price control at this time.
“The reality is that if you look at the volatility in the price from what we are seeing today, the Dangote Refinery is the salvation for us,” said the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry.
He added, “The availability of product is much more important than pricing.”
According to him, the upward trend in petrol prices is being driven by global market forces, including rising crude oil costs, logistics, and supply chain pressures intensified by the ongoing conflict.
Analysts warn that as long as tensions in the Middle East persist, fuel prices in Nigeria are likely to remain volatile, with the potential for further increases if crude oil prices continue to climb.
The Dangote Refinery, Africa’s largest, remains heavily exposed to international market dynamics, meaning local pump prices will continue to mirror global oil price movements despite domestic production.
The latest hike underscores the growing influence of global geopolitics on Nigeria’s energy market, with consumers expected to bear the brunt through higher transportation and living costs.
