Dangote Refinery Raises Petrol Price as Crude Oil Surges Above $104

The Dangote Petroleum Refinery has raised its gantry price for Premium Motor Spirit (PMS), also known as petrol, from N1,265 to N1,350 per litre.

The increase was announced on September 12th by the Group Commercial Operations of Dangote Petroleum Refinery and Petrochemicals. The refinery had increased its gantry price multiple times since August 21st, with the previous increases being N15 to N1,200 per litre, then to N1,265 per litre.

The latest adjustment comes as Brent crude oil prices have surged above $104 a barrel due to disruptions in global oil supplies through the Strait of Hormuz. The refinery's petrol gantry price has increased by N185 per litre in just 22 days, representing an increase of about 15.9 percent.