The Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit (PMS), raising the cost from N799 to N874 per litre.

The 650,000-barrel-per-day facility adjusted its petrol price upward by N75 per litre on Monday, marking another significant shift in the downstream market.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the development, attributing the increase to rising global crude oil prices triggered by escalating tensions involving Iran, the United States, and Israel in recent days.

According to him, the volatility in international oil markets has had a direct impact on local pricing.

“This is due to fluctuations in global crude oil prices following the Iran–US–Israel conflict. It is the ripple effect of the ongoing crisis,” he explained.

He further noted that the adjustment at the refinery level is likely to push up retail petrol prices across the country.

On Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate (WTI) climbed to $71.84 per barrel, up from $72.87 and $67.02, respectively, recorded on Saturday.

Earlier in the year, on January 27, the refinery had also increased its petrol price by N100 per litre, bringing it to N799 per litre at the time.