Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), or diesel, has been raised to ₦1,620 per litre.

The latest adjustment marks the fourth consecutive price review in less than two weeks amid volatility in the global energy market, according to a report by Petroleumprice.ng.

Quoting industry sources, the report stated that the new pricing template had already been communicated to fuel marketers, following earlier adjustments earlier this month.

Under the revised structure, the ₦1,175 per litre petrol price represents a significant increase from the previous ₦995 per litre, while diesel has climbed sharply from its earlier level of ₦1,430 per litre, highlighting the continued upward trend in domestic fuel prices.

The increases coincide with a sharp rise in international crude oil benchmarks. As of 1:00 p.m. West Africa Time, Brent crude was trading at $102.8, up 10.91 per cent, while West Texas Intermediate (WTI) stood at $101.0, reflecting an increase of 11.08 per cent. The surge has been linked to the ongoing energy crisis in the Middle East.

The development is expected to have ripple effects across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

As of the time of filing this report, the refinery had yet to issue an official statement on the development.

Meanwhile, global oil prices surged by about 30 per cent on Monday amid growing fears over supply disruptions in the Middle East, as the United States–Israeli war against Iran entered its second week with no immediate sign of de-escalation.

Concerns that the conflict could be prolonged intensified after United States President, Mr. Donald Trump, stated that only the “unconditional surrender” of Iran would bring the war to an end.

Mr. Trump also remarked at the weekend that the spike in oil prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s position that the increase would be temporary.

Since the start of the conflict, WTI crude has risen by more than 75 per cent, while Brent crude has gained over 60 per cent.

Reports of attacks on oilfields in southern Iraq and in the northern autonomous Kurdistan region have further heightened concerns, forcing a United States-operated oilfield to halt production. At the same time, the United Arab Emirates and Kuwait have begun reducing output.

The situation has also disrupted maritime activity in the Strait of Hormuz — a critical shipping route through which about one-fifth of the world’s crude oil and gas supplies pass — with traffic reportedly halted since the outbreak of the war on Feb. 28.