…Marketers project ₦1,000 per litre
Escalating conflict between Iran, United States and Israel has triggered a fresh petrol price hike in Nigeria, with marketers projecting pump prices could hit ₦1,000 per litre.
Ɗangote Petroleum Refinery on Monday raised its Premium Motor Spirit (PMS) gantry price by ₦100 to ₦874 per litre from ₦774, citing volatility in global crude oil markets and rising replacement costs.
The price surge followed attacks on oil facilities in Saudi Arabia and Qatar, as well as disruptions along the Strait of Hormuz, which pushed crude prices higher.
Reacting, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said retail prices in Abuja and surrounding areas could rise to between ₦980 and ₦1,000 per litre. The Petroleum Products Retail Outlets Owners Association of Nigeria also blamed rising global crude prices for the adjustment.
While loading disruptions were reported at some depots, marketers urged Nigerians not to panic-buy, assuring that supply would continue despite mounting global tensions.
