DANGOTE RAISES PETROL PRICE BY N75, SETS NEW PRICE AT N1,275 PER LITRE
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By; Ganiyat Sunmola
The Dangote Refinery has increased its ex-depot price of Premium Motor Spirit (petrol) by N75 per litre, raising concerns over a potential rise in fuel prices nationwide. The company also reportedly suspended product sales following disruptions in its Proforma Invoice processing system.
According to data from Petroleumprice.ng and confirmation from a refinery official on Wednesday, the ex-depot price was adjusted from N1,200 per litre to N1,275 per litre. Coastal supply prices also rose to N1,215 per litre.
The adjustment, which took effect during ongoing operational changes, has already begun to impact sentiment across the downstream petroleum sector.
A refinery official confirmed the development, stating, “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.”
Another source familiar with the situation disclosed that the refinery suspended its Proforma Invoice entry process at about 4:00 pm on Tuesday, a move that disrupted normal product loading schedules.
The suspension reportedly led to an immediate halt in the sales of both petrol and Automotive Gas Oil (diesel).
The combined effect of the price increase and temporary suspension has sparked reactions among marketers and traders, many of whom are preparing for higher depot costs and possible increases in pump prices across the country.
Industry operators noted that such disruptions typically translate into higher logistics and distribution expenses, further exerting pressure on fuel pricing along the supply chain.
The development comes amid rising global crude oil prices, which have pushed up feedstock costs for refiners.
International benchmark Brent crude recorded an increase, while West Texas Intermediate (WTI) rose to $103.40 per barrel, up by 3.49 per cent.
Analysts attribute the surge in crude prices to heightened geopolitical tensions around the Strait of Hormuz, a key global oil shipping route, with the spike increasing replacement costs for refiners and prompting upward adjustments in refined product prices.
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