The Dangote Petroleum Refinery has increased its ex-gantry petrol price to N874 per litre.
The refinery, according to sources at the plant, increased the price of the product by N100, that is from N774 per litre to N874.
The development comes as global oil prices continue to surge, with Brent crude rising to as high as $79 per barrel, amid escalating geopolitical tensions in the Middle East, which impacts the oil and gas sector.
Earlier, QatarEnergy, the state-owned energy company of Qatar, said it had halted the production of liquefied natural gas (LNG) due to Iranian military attacks on its operating facilities.
Saudi Aramco, the state-owned oil company of Saudi Arabia, also shut down its Ras Tanura oil refinery, following a fire sparked by debris from an Iranian drone attack at the facility.
On Sunday, major container shipping lines suspended sailings through the Strait of Hormuz and the Suez Canal over escalating security risks in the Middle East.
US-Israeli strikes on Iranian targets had killed Ayatollah Ali Khamenei and Abdolrahim Mousavi, Iran’s supreme leader, and armed forces chief of staff, respectively.
In response, Iran has since launched waves of missiles across the region, threatening to pull its neighbours into the escalating conflict.
