Dangote Refinery has increased its ex-gantry price of petrol to ₦995 per litre.
According to senior sources at the refinery, the price adjustment took effect on Friday.
“The ex-gantry petrol price is now N995 per litre,” a source said.
The development comes five days after the refinery raised its petrol price to ₦874 per litre.
In the latest adjustment, the refinery increased the price by ₦121 to ₦995 per litre amid rising global oil prices.
On Friday, crude oil prices climbed to $91 per barrel as the conflict involving the United States, Israel and Iran continued to escalate across the Middle East with no clear signs of easing.
On March 3, Brent crude rose to $85 per barrel — up from $72 recorded on February 28 — amid supply disruptions.
Saad Al-Kaabi, Qatar’s energy minister, warned on Friday that oil prices could rise to $150 per barrel in “two to three weeks” if tankers remain unable to pass through the Strait of Hormuz.
Major container shipping lines have suspended sailings through the Strait of Hormuz and the Suez Canal due to escalating security concerns in the Gulf region.
On March 5, Nigerian National Petroleum Company Limited (NNPC) also increased petrol prices at its retail outlets to ₦933 per litre in Lagos and ₦960 per litre in Abuja.