Dangote Refinery has increased its gantry price for Premium Motor Spirit (petrol) to N874 per litre, up from N799.
The 650,000-barrel-per-day refinery raised the price by N75 per litre on Monday.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the development.
According to him, the increase is linked to rising global crude oil prices following the escalation of tensions involving Iran, the United States and Israel in recent days.
“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he said.
Ukadike explained that the adjustment at the refinery level is expected to trigger an increase in retail fuel prices across the country.
Meanwhile, global oil benchmarks recorded gains on Monday. Brent crude rose to $78.50 per barrel, while West Texas Intermediate climbed to $71.84 per barrel. The figures represent an increase from $72.87 and $67.02 recorded on Saturday.
It would be recalled that on January 27, Dangote Refinery had earlier increased its petrol price by N100 per litre to N799 per litre.
