Ex-gantry price jumps by N100 amid Brent surge and widening supply disruptions linked to escalating U.S.–Iran tensions…..
The Dangote Petroleum Refinery has raised its ex-gantry price for Premium Motor Spirit (PMS) to N874 per litre, reflecting mounting pressure from rising global crude oil prices.
Sources at the refinery confirmed that the price was increased by N100, from N774 per litre to N874 per litre.
“The refinery increased its ex-gantry petrol price to N874 per litre,” a source familiar with the adjustment disclosed.
Oil Market Turmoil Drives Adjustment
The upward price review comes as Brent crude climbed to as high as $79 per barrel amid intensifying geopolitical tensions in the Middle East.
Energy markets have been rattled by fresh disruptions across key oil and gas infrastructure in the Gulf region. QatarEnergy, Qatar’s state-owned energy firm, announced it had halted liquefied natural gas (LNG) production following Iranian military strikes on its facilities.
Similarly, Saudi Aramco shut down operations at its Ras Tanura refinery after a fire reportedly triggered by debris from an Iranian drone attack.
Shipping routes have also been affected. Major container lines have suspended sailings through the strategic Strait of Hormuz and the Suez Canal over escalating security risks, further tightening global supply chains.
Escalating Conflict
The crisis intensified after U.S.–Israeli strikes on Iranian targets reportedly killed Ali Khamenei and Abdolrahim Mousavi. In retaliation, Iran has launched multiple missile attacks across the region, raising fears of a broader conflict that could disrupt oil exports from key producing nations.
Implications for Nigeria
The Dangote refinery’s price adjustment underscores how quickly global energy shocks transmit into domestic markets. With crude prices climbing and freight costs rising, downstream fuel prices remain vulnerable to further volatility.
Market watchers say continued instability in the Middle East could sustain upward pressure on petroleum products in Nigeria, particularly if disruptions to oil production, refining, and shipping persist in the coming weeks.
