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Dangote Petroleum Refinery has increased the wholesale price of Premium Motor Spirit (PMS) by N85 per litre, raising its gantry price from N1,265 to N1,350 amid renewed pressure from rising international crude oil prices.
The latest adjustment, reported by Petroleumprice.ng, represents a 6.7 per cent increase and is expected to trigger fresh price reviews across Nigeria’s downstream petroleum market.
The new Dangote price is also above the current PMS landing-cost benchmark of N1,311 per litre, putting additional pressure on depot owners and independent marketers.
The refinery had previously maintained its Lagos gantry price at N1,265 per litre despite rising international crude and petroleum product replacement costs.
However, the renewed surge in global oil prices and replacement costs appears to have prompted the latest upward adjustment.
The development has already begun affecting the wider market, with depot marketers reviewing their prices and stock positions in anticipation of higher replacement costs.
Market operators said the pressure could extend beyond Lagos to major coastal trading centres, including Warri, Port Harcourt and Calabar.
They, however, noted that actual depot prices would continue to vary depending on available stock, product source and prevailing market conditions.
The N1,350 per litre ex-gantry price now represents Dangote Refinery’s latest wholesale reference point, leaving marketers to determine their next pricing moves based largely on developments in the international oil market.
Analysts warned that if the global crude rally persists, elevated replacement costs could trigger another round of petrol price increases across the country.
The latest development comes as international crude oil prices have surged above $100 per barrel, reaching their highest level since July amid heightened military tensions in the Middle East.
Brent crude, the global benchmark for Nigeria’s crude, rose 2.8 per cent on Wednesday to move above the $100 mark, while US West Texas Intermediate (WTI) gained 2.9 per cent to $95.70 per barrel.
Both benchmarks are now more than 60 per cent above their levels at the beginning of the year, raising concerns over a broader energy shock that could increase the cost of petrol, diesel, aviation fuel, electricity generation, transportation and manufactured goods.
The latest oil price surge followed renewed tensions in the Middle East, including reports of strikes involving Iranian oil tankers in the Gulf of Oman and another vessel near Kharg Island, a major Iranian oil export centre.
Reports of attempted missile attacks on a US Navy warship have further heightened fears that the conflict could escalate and disrupt crude production and international oil shipments.
