The Dangote Refinery and Petrochemicals (DPRP) has increased its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, up from ₦995 per litre.
The development was confirmed by Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who said the adjustment has already affected supply prices across various depots.
According to Maigandi, other petroleum depots are currently selling the product at about ₦1,200 per litre, reflecting the upward movement in the domestic market.
Industry observers say the price increase is linked to rising global crude oil prices, which have reportedly climbed to $115 per barrel following renewed tensions and crises in the Middle East.
The increase in gantry prices is expected to have implications for pump prices across the country, as marketers adjust retail rates to reflect the higher cost of supply.