The Dangote Petroleum Refinery has increased its ex-gantry price of premium motor spirit (petrol) to N874 per litre, marking a N100 rise from the previous rate of N774.

Sources familiar with operations at the facility confirmed that the new price has already taken effect, signaling another adjustment in response to shifting global market conditions.

The price revision comes amid renewed volatility in the international oil market. Brent crude recently climbed to about $79 per barrel, driven by rising geopolitical tensions in the Middle East that have disrupted energy supply chains.

Earlier on Monday, QatarEnergy announced a temporary halt in liquefied natural gas (LNG) production following reported military strikes affecting its facilities.
Similarly, Saudi Aramco shut down operations at its Ras Tanura refinery after a fire incident linked to debris from a drone strike.

Escalating tensions have also forced major global shipping operators to suspend movement through key trade routes, including the Strait of Hormuz and the Suez Canal, citing safety concerns.

The crisis intensified after joint US-Israeli military actions reportedly killed Iran’s Supreme Leader, Ayatollah Ali Khamenei, and the country’s armed forces chief of staff, Abdolrahim Mousavi. In retaliation, Iran has launched multiple missile strikes across the region, heightening fears of a broader conflict.

Analysts say the mounting instability in major oil-producing and transit regions could continue to exert upward pressure on crude prices – a development that may further affect domestic fuel pricing in Nigeria.

The latest adjustment by the Dangote refinery is expected to influence pump prices nationwide, as marketers recalibrate their retail rates in line with the new ex-gantry figure.