Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,350 per litre from ₦1,275 per litre, representing a 6 per cent rise.
The adjustment comes amid sustained volatility in the global crude oil market, driven largely by the prolonged US-Iran conflict, which has disrupted oil production and supply flows in Iran and other parts of the world.
A reliable source in the domestic market, who confirmed the development, attributed the increase primarily to the high cost of feedstock.
“The refinery’s pricing template has already been adjusted, and all stakeholders are expected to comply.
“In the coming days, oil marketers are likely to raise pump prices, meaning consumers will pay more,” the source said.
In a related development, GISTSMATE MEDIA reported that the people of the United States (US) are now paying 50% more for gas than before the Iran war, as oil and gas prices have surged recently.
For all breaking news and latest gist:
👉 JOIN GISTSMATE WHATSAPP CHANNELAccording to the latest American Automobile Association (AAA) reading, US gas prices edged up nearly 3 cents, to an average of $4.48 as of May 5th, 2026, for a gallon of regular.
That’s up 30 cents from a week ago and marks an increase of 50% since the start of the war with Iran.
According to reports, the price is now the highest since July 2022, following Russia’s invasion of Ukraine earlier that year. That spike took prices to a record $5.02.
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