The Dangote Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, amid a surge in global crude oil prices.
The new price adjustment has heightened economic concerns across Nigeria, where many citizens are already grappling with rising living costs and inflation.
Industry analysts say the increase reflects the impact of higher crude oil prices in the international market, which has raised production and supply costs for refiners.
The refinery, owned by Nigerian billionaire Aliko Dangote, began supplying petrol to the domestic market to reduce reliance on imported fuel. However, fluctuations in crude prices continue to influence local pump prices.
Economic experts warn that the latest hike could lead to higher transportation costs and increased prices of goods and services, further straining household budgets.
Government officials have yet to issue an official response to the latest adjustment, though stakeholders in the oil and gas sector are urging measures to cushion the impact on consumers.
