Dangote Refinery and petroleum products depot owners have increased their ex-depot prices of premium motor spirit owing to the spike in global oil prices as Israel-Iran strikes entered day five on Tuesday.

Data from Petroleumprice.ng showed that Dangote Refinery’s petrol price rose to N840 from N825 as of Monday. Also, Rainoil’s price surged to N900 from N850 per litre. Similarly, Fynefield and Mainland jerked their ex-depot prices to N930 and N920, adding N51 and N63, respectively.

Other prices showed that Sigmund was selling at N920 per litre; Matrix Warri’s price was N910; NIPCO increased to N895 from N827 last week, while Aiteo sold petrol at the rate of N840 per litre. The development comes as crude oil prices maintained gains on Tuesday, as Brent and West Texas Intermediate futures stood at $75.63 and $74.03 per barrel, according to Oilprice.com.

Reacting, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the impact of global oil prices generally affects the price of PMS or any component of petroleum-refined products. “On a general note, any cost shift in any of the components of producing refined products will certainly affect the price,” he told Journalist on Monday in an interview. Meanwhile, the Natural Gas Senior Staff Association of Nigeria’s Festus Osifo claimed that oil marketers are exploiting Nigerians through inflated petrol prices.

According to him, the current petrol pump price should be between N700 and N750 per litre. Meanwhile, Ugamatv reports that tanker drivers and members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said they suspended their strike in protest of the Lagos State Government’s electronic truck call-up parking fee increase from N2,500 to N12,500.