Dangote Refinery has increased its gantry price of Premium Motor Spirit (PMS) to N1,275 per litre, citing rising global crude oil prices and escalating geopolitical tensions involving the United States and Iran.
Checks on Tuesday showed that the new price represents an increase of N75 from the previous N1,200 per litre, translating to about a 5 percent hike.
The adjustment comes after nearly a week of relative stability in domestic fuel prices, despite continued volatility in the global oil market.
President of the refinery, Aliko Dangote, had on Monday reassured Nigerians and other African countries of adequate fuel supply, even as tensions linked to the Iran–United States–Israel conflict persist.
During a tour of the facility, Dangote stated that the refinery has the capacity to meet demand across West, Central, and East Africa.
The latest increase follows an earlier price reduction on March 27, 2026, when the refinery cut its gantry price in response to declining global oil prices.
As of the time of filing this report, global benchmarks West Texas Intermediate crude oil and Brent crude oil were trading at $110 and $105 per barrel, respectively.
Meanwhile, tensions have intensified after Donald Trump issued fresh threats against Iran, warning of severe consequences, further fueling concerns in the global energy market.