The Dangote Refinery has increased its gantry price of Premium Motor Spirit (petrol) to N1,275 per litre, up from N1,200, amid rising global crude oil prices.
The adjustment represents an increase of N75, or about five per cent, coming after a brief period of stability in domestic fuel prices despite volatility in the international oil market.
The price surge has been attributed partly to escalating geopolitical tensions, including threats by former United States President Donald Trump over a possible intensification of conflict involving Iran.
President of the refinery, Aliko Dangote, however, assured Nigerians and other African countries of uninterrupted fuel supply.
“What I can do is assure Nigerians and most of West Africa, Central Africa, and East Africa that we have the capacity to supply them,” Dangote said during a recent tour of the facility.
The development comes weeks after the refinery reduced its petrol price on March 27 following a drop in global oil prices.
As of Tuesday, benchmark crude prices, including Brent and West Texas Intermediate, stood above $100 per barrel, reflecting ongoing instability in the global energy market.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
