Africa’s largest petroleum refinery, Dangote Refinery, has increased its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, to N1,245 per litre, citing rising global geopolitical tensions and disruptions in the energy market.
In a statement on Friday, the refinery attributed the price hike to volatility in global crude oil markets, worsened by ongoing geopolitical conflicts and supply chain uncertainties.
The company said these developments have led to increased crude acquisition costs and higher operational expenses.
With the ex-depot price serving as a benchmark for marketers, the increase is expected to translate into higher retail prices at filling stations across Nigeria.
Independent marketers, who rely heavily on depot supplies, are likely to adjust their pump prices upward in the coming days.
This could push petrol prices in some parts of the country well above current levels, depending on logistics, transportation costs, and regional supply dynamics.
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