Dangote, Depot Owners Announce New Petrol Price as Israel-Iran War Causes Oil Price to Rise

• The Dangote Refinery and various petroleum product depots have raised their ex-depot prices for PMS amid a surge in global oil prices caused by the ongoing Israel-Iran conflict
• Other distributors, including Rainoil, Fynefield, and Mainland, have also increased their prices, with the cost of petrol rising to as high as N920 per liter
• The Middle East crisis has further strengthened the naira, which appreciated to N1,543 against the US dollar by June 16, 2025, without any intervention from the CBN

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Dangote Refinery and owners of petroleum product depots have raised the ex-depot prices of Premium Motor Spirit (PMS).

This occurred amid the surge in global oil prices due to the Israel-Iran conflict, which reached its fifth day on Tuesday, June 17.

As of Monday, the price of gasoline at Dangote Refinery increased from N825 to N840, Legit.ng can confirm.

Additionally, the price of a litre of Rainoil increased from N850 to N900. Similarly, Fynefield and Mainland abruptly raised their ex-depot prices by N51 and N63, respectively, to N930 and N920.

Other pricing indicates that Aiteo was selling petrol at N840 per litre, NIPCO raised the price to N895 from N827 last week, Matrix Warri was selling at N910, and Sigmund was selling at N920 per litre.

Oil price increases

According to OilPrice.com, Brent and West Texas Intermediate futures were trading at $75.63 and $74.03 per barrel on Tuesday, respectively, as crude oil prices continued their upward trend.

Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, responded by stating that the price of PMS or any component of petroleum-refined products is typically impacted by changes in global oil prices.

The crisis in the Middle East has triggered several reactions, including a spike in global crude prices—a development which could strengthen the naira further.

The naira opened the week strongly against the US dollar, appreciating to N1,543 by the close of trading on Monday, June 16, 2025.

Data from the Central Bank of Nigeria (CBN) showed that the apex bank fixed its Nigerian Foreign Exchange Market (NFEM) rate at N1,544.6264/$, up from N1,549.3511 at the close of last week.

The N4 appreciation from last week was achieved without any injection of FX from the CBN.

Experts predict new fuel prices, inflation rate

Legit.ng reported that the ongoing Israeli-Iranian confrontation could lead to a spike in the prices of gas, diesel, jet fuel, petroleum, and other related goods in Nigeria if it is not promptly resolved, according to a warning from the Centre for the Promotion of Private Enterprise (CPPE).

According to a statement released by the Centre's CEO, Dr. Muda Yusuf, the breakthrough will also have significant effects on the struggling world economy.

It contended that the war might affect the cost of production, logistics, transportation, and power generation because energy costs continue to be a significant component of Nigeria's inflation equation.

Source: Legit.ng