The Dangote Refinery has increased its ex-gantry price of petrol to N995 per litre, marking the second price hike within a week.
Sources within the refinery confirmed that the new price took effect on Friday, representing an increase of N121 from the N874 per litre announced earlier in the week.
The latest adjustment comes amid rising global crude oil prices linked to escalating tensions in the Middle East. On Friday, crude oil prices climbed to about $91 per barrel as the conflict involving the United States, Israel, and Iran continued to intensify across the region.
Earlier in the week, Brent crude had already surged to $85 per barrel, up from $72 on February 28, amid supply disruptions.
Speaking on the situation, Saad Al‑Kaabi, Qatar’s energy minister, warned that crude oil prices could climb to $150 per barrel within two to three weeks if shipping disruptions persist.
He noted that several global shipping lines have suspended voyages through the Strait of Hormuz and the Suez Canal due to escalating security concerns in the Gulf region.
The development follows a recent adjustment by Nigerian National Petroleum Company Limited, which raised petrol pump prices at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja earlier in the week.
The latest increase by the Dangote refinery is expected to further influence petrol pump prices across the country as marketers adjust to the higher ex-gantry rate.