Depot owners across Nigeria have increased the ex-depot price of Premium Motor Spirit (PMS), raising concerns over a possible hike in petrol pump prices nationwide.

The increase follows the rise in global crude oil prices and the resumption of refined petroleum product sales in dollars by the Dangote Refinery.

Checks on Tuesday showed that major depot operators, including Sahara, Integrated, African Terminal, Emedab, and Ranoil, raised their ex-depot prices to between ₦1,125 and ₦1,175 per litre, up from ₦1,085 to ₦1,090 per litre. The adjustment represents an increase of ₦30 to ₦90 per litre, depending on the depot.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier warned that petrol prices could increase if the Federal Government fails to address Dangote Refinery’s decision to sell refined petroleum products in dollars.

The development comes after reports that the refinery resumed petrol sales at $0.779 per litre, equivalent to about ₦1,075 per litre.

Meanwhile, global crude oil prices climbed to around $85 per barrel for Brent crude on Tuesday, driven by escalating tensions involving Iran, the United States, and Israel, as fears grow over a possible closure of the Strait of Hormuz, a key global oil shipping route.