Fuel Price Hike: Dangote Raises Premium Motor Spirit by N101 Per Litre Nigerians, get ready for another hit on your pockets as the price of Premium Motor Spirit (PMS) or petrol has seen a significant increase. The Dangote Petroleum Refinery and Petrochemicals has announced a price hike of N101 per litre, taking the current price from N774 to N875 per litre. This development was confirmed by the Group Chief Branding and Communications of the Dangote Group, Mr Anthony Chiejina, on Monday, March 2. The reason behind this price increase is no surprise to anyone who's been following global events. The ongoing conflict in the Middle East, where the United States and Israel are at odds with Iran, has led to a surge in oil prices. As a result, Brent crude, the global benchmark for oil prices, has seen a 13% rise in just a few days, going as high as $82.37 per barrel before receding to above $79 per barrel. This has put pressure on refineries and marketers in Nigeria to raise their prices accordingly. For Nigerians, this means that the price of fuel at the pump will likely go up, adding to the already high cost of living. Many people are still reeling from the effects of the previous fuel price hike, and this new development will undoubtedly come as a blow to their finances. The impact will be felt particularly hard by those who rely on fuel for their daily activities, such as traders, transporters, and other small business owners. As the country continues to grapple with the challenges of fuel price fluctuations, one thing is clear: the price of fuel is closely tied to the global oil market. Therefore, any significant change in global oil prices will inevitably affect Nigeria's fuel prices. The question on everyone's mind now is: what's next for the fuel price in Nigeria? Only time will tell, but one thing is certain - the impact will be felt by Nigerians in the coming days and weeks.