Dangote Refinery, the 20 billion oil processing facility owned by Africas richest man, Aliko Dangote, has raised the gantry price of Premium Motor Spirit PMS, commonly known as petrol, by more than 14 percent, as global crude oil prices climbed sharply following supply disruptions in the United States.
Dangote raises PMS amid crude rally
The price adjustment comes as Brent crude futures settled up 1.98, or nearly 3 percent, at 67.57 a barrel, while U.S. West Texas Intermediate crude gained 1.76 to close at 62.39 a barrel. The rally was driven largely by a severe winter storm that knocked out significant crude production across parts of the U.S., tightening short-term supply in global markets.
