Dangote Refinery has increased its Premium Motor Spirit (PMS) gantry price by N75, bringing the new price to N874 per liter, up from N799. This price hike is attributed to the recent volatility in global crude oil prices, particularly following the escalation of tensions between the US, Israel, and Iran [1][2][3].
The refinery's spokesperson stated that the move was necessary due to changes in global crude fundamentals and replacement costs. As a result, petrol prices are expected to rise nationwide, with some predictions suggesting prices could reach N1,000 per liter in some locations.
The price increase has already triggered a ripple effect, with several private depot owners suspending petrol sales. Energy analysts warn that sustained hostilities in the Middle East could further disrupt global supply chains, increase shipping and insurance costs, and raise import and refining costs [3][4][5].
*Related Topics:*
- *Fuel Price Hike: What's Next for Nigeria's Economy?*
- *Dangote Refinery: Impact on Nigeria's Energy Sector*
- *Global Oil Price Volatility: Causes and Effects*
- *Nigeria's Fuel Subsidy: Will Government Intervene?*
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