The Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS), also known as petrol, to N955 per litre at the loading gantry, following a sustained rise in the price of Brent crude, the global oil benchmark.

BusinessDay findings showed the refinery announced the new pricing structure on Friday, which marks a 6.17 percent increase from the previous rate of N899.50 per litre that was introduced as a holiday discount for bulk buyers last December.

According to the statement, the new price will apply to marketers purchasing between 2 million and 4.99 million litres of petrol, who will now pay N955 per litre. Those buying 5 million litres or more will receive a slightly discounted price of N950 per litre.

The price adjustment is in response to the recent surge in global oil prices, which has been largely attributed to fluctuations in the Brent crude market.

At the time of writing, Brent crude was trading at $81.11 per barrel, with West Texas Intermediate at $79.08 per barrel, both up by over 1 percent since opening today.

“Supply concerns from U.S. sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential U.S. interest rate cuts, are bolstering the crude market,” Toshitaka Tazawa from Fujitomi Securities told Reuters earlier today.

As a result, the cost of refining and distribution has been impacted, prompting the price hike at Dangote Refinery.

According to Dangote refinery, the new price regime will take effect from 5:30 PM today.