The pump prices of Premium Motor Spirit (petrol) are nearing N1,400 per litre in many parts of the country as the United States and Iran fail to agree on a ceasefire that should lead to the reopening of the Strait of Hormuz. As the crisis in the Middle East lingers, coupled with the exit of the United Arab Emirates from the Organisation of the Petroleum Exporting Countries on Tuesday, the prices of petrol have continued to rise. From $105 per barrel on Monday, Brent crude jumped to $118 on Wednesday. As a result, the Dangote Petroleum Refinery jerked up its petrol gantry price from N1,200 to N1,275 per barrel. Price data obtained from Petroleumprice.ng and confirmation from a Dangote refinery official on Wednesday revealed that the refinery raised its petrol loading price from N1,200 per litre to N1,275 per litre, while coastal supply prices climbed to N1,215 per litre. Another source familiar with the situation disclosed that the refinery halted its pro forma invoice entry process at about 4 pm on Tuesday, effectively disrupting normal supply scheduling across its loading system. The suspension, according to the sources, led to an immediate stoppage of both petrol and diesel sales to marketers.

Punch