Prices of Premium Motor Spirit (PMS), popularly known as petrol, have surged across Nigeria following a spike in global crude oil prices amid escalating tensions involving the United States, Israel, and Iran.
The development comes after Petroleumprice.ng reported that the Dangote Petroleum Refinery & Petrochemicals increased its ex-depot price of petrol from ₦774 to ₦874 per litre, a ₦100 hike that has triggered immediate adjustments across the downstream market.
Market checks reveal that several marketers are now selling PMS at about ₦900 per litre, while some depots have pegged prices slightly lower at ₦895 per litre.
An economist, Paul Alaje, has warned that petrol prices in Nigeria could rise to ₦1,000 per litre if the ongoing geopolitical conflict in the Middle East worsens.
Alaje, Chief Economist at SPM Professionals, made the projection on Politics Today aired on Channels Television, noting that crude oil price increases naturally translate to higher refined product costs.
“While crude oil goes up, we all need to check the impact on our economy. The first thing you see is high inflation, because as crude oil goes up, the cost of PMS, diesel, and Jet-A1 will also follow,” he said.
He added that nearly nine per cent additional cost has already been reflected in PMS pricing and projected that if the war is not properly managed, petrol could exceed ₦1,000 per litre before the end of April.
“If PMS is ₦1,000, you can imagine what diesel will be; you can imagine what flight tickets will be. It will affect the poor, the middle class, and, of course, the rich,” Alaje stated.
According to industry sources, petrol loading, which was reportedly halted around midnight on Sunday, has resumed at the revised rate. Proforma Invoice (PFI) issuance has also reopened but strictly based on the new pricing template.
The swift adjustments by marketers underscore the direct impact of global crude fluctuations on Nigeria’s deregulated downstream petroleum market, with operators recalculating replacement costs amid volatility.
As of the time of filing this report, the refinery has yet to release an official statement addressing the latest price review.
Meanwhile, President of the Dangote Group, Aliko Dangote, has unveiled plans to expand into steel production, electricity generation, and port development.
Dangote said the move forms part of a long-term strategy to deepen Africa’s manufacturing base and position the continent as a global industrial powerhouse.
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