Dangote Refinery has adjusted its Premium Motor Spirit (PMS) price at its gantry, increasing it from N1,200 to N1,275 per liter, marking a 5% rise amid rising global crude oil prices.

The price revision comes after nearly a week of stable domestic fuel rates despite fluctuations in international oil markets. The refinery’s management attributed the increase to volatility in crude prices and geopolitical tensions in the Middle East.

Speaking during a tour of the facility, the refinery’s president, Aliko Dangote, reassured Nigerians and neighboring African countries of uninterrupted fuel supply. He emphasized that the refinery has the capacity to meet demand across West, Central, and East Africa despite external disruptions.

Earlier this year, on March 27, the refinery had lowered its gantry petrol price following a dip in global crude prices. As of the latest report, West Texas Intermediate and Brent crude were trading at $110 and $105 per barrel, respectively.

The adjustment comes amid heightened geopolitical tensions, with the United States issuing warnings related to Iran, adding pressure to global oil markets.