The ongoing conflict between Israel and Iran has led to a spike in global oil prices, prompting Dangote Refinery and other petroleum products depot owners to increase their ex-depot prices of premium motor spirit in Nigeria.
According to data from (link unavailable), Dangote Refinery's petrol price has risen to N840 from N825, while Rainoil's price has surged to N900 from N850 per litre. Other depot owners, including Fynefield and Mainland, have also increased their prices.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the price increase to the impact of global oil prices on refined products. However, Festus Osifo of the Natural Gas Senior Staff Association of Nigeria claimed that oil marketers are exploiting Nigerians through inflated petrol prices, suggesting that the current pump price should be between N700 and N750 per litre.
This development comes as crude oil prices maintain gains, with Brent and West Texas Intermediate futures standing at $75.63 and $74.03 per barrel, respectively.
