Dangote Refinery has increased the ex-depot price of Premium Motor Spirit, commonly known as petrol, by N75, intensifying pressure on consumers already grappling with high fuel costs.
As reported by Daily Post, the new price, announced on Wednesday, moves from N1,200 to N1,275 per litre. Coastal prices were also adjusted upward to N1,215 per litre.
The upward review comes against the backdrop of rising global crude oil prices, with Brent crude trading at approximately $114.80 per barrel, reflecting a 3.15 per cent increase.
Reports indicate that Brent crude edged closer to $115 per barrel on Wednesday, while West Texas Intermediate climbed to about $103 per barrel.
The latest adjustment is expected to have a ripple effect across the downstream sector, with marketers likely to review pump prices in response to the hike.