ads…Brent tops $107
Dangote Petroleum Refinery has raised its Premium Motor Spirit gantry price by N85 per to N1,350 per litre, from N1,265, as a surge in global crude oil prices and higher product replacement costs put renewed pressure on Nigeria’s downstream market.
The latest adjustment represents a 6.7 percent increase and takes the refinery’s wholesale price above the current petrol landing cost of N1,311.36 per litre, according to a note from Petroleumprice.ng.
Brent crude, the benchmark for Nigeria’s oil, was trading at about $107.86 per barrel on Friday, according to OilPrice.com, after earlier climbing above $108.
The sharp rise in crude prices has increased the cost of replenishing petrol stocks, putting pressure on refiners, importers and depot operators to adjust their selling positions.adsads
