- Safiu Kehinde
The Dangote Petroleum Refinery has hiked the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre.
This is coming barely a week after the refinery increased the price thrice in a row.
According to reports, the Africa’s largest privately‑owned oil processing facility initially raised its petrol price from around N774 to N874 per litre.
This would sharply skyrocket just days later as another increase took the gantry price to N995 per litre, before today’s jump to N1,175 per litre.
While the refinery is yet to officially confirm the development, industry sources revealed that the new price was communicated to marketers, who are expected to reflect the revised rate at retail outlets in the coming days.
Some of the sources within attributed the ongoing hike to the increased international crude oil prices, logistical bottlenecks, and forex volatility which the global oil economy is currently encountering as a result of the ongoing war in Iran.