KEY POINTS
- Dangote Refinery raised petrol price by ₦75 per litre, increasing ex-depot cost to ₦1,275 and coastal price to ₦1,215 amid operational adjustments.
- The company temporarily suspended sales due to a Proforma Invoice system disruption, halting petrol and diesel supply scheduling.
- Rising global crude oil prices and geopolitical tensions have further pressured fuel costs, raising fears of higher pump prices nationwide.
The Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (petrol) by ₦75 per litre, raising it from ₦1,200 to ₦1,275 per litre in a move that has intensified concerns over a fresh wave of fuel price increases across Nigeria.
The adjustment, confirmed by industry sources and a refinery official, also saw coastal supply prices rise to ₦1,215 per litre.
According to the refinery, the new pricing structure took effect alongside operational adjustments that included a temporary suspension of product sales.
The disruption was linked to issues affecting its Proforma Invoice processing system, which reportedly stalled at about 4:00 pm on Tuesday, halting normal scheduling of loading operations across its distribution network.
The suspension immediately affected both Premium Motor Spirit and Automotive Gas Oil transactions, creating uncertainty among marketers and depot operators who rely on steady supply flows. Industry stakeholders say such interruptions often translate into higher logistics costs and pricing volatility along the downstream petroleum value chain.
Reactions Trail Recent Development
Market reactions were swift, with traders and fuel marketers expressing concerns over the potential impact on pump prices nationwide. Many operators are already bracing for higher depot costs, warning that the latest development could trigger a ripple effect across retail fuel stations in the coming days.
The price adjustment comes at a time of rising global crude oil prices, which have pushed up feedstock costs for refiners. Brent crude climbed above $114 per barrel, while West Texas Intermediate also recorded gains, reflecting broader volatility in the international oil market driven by geopolitical tensions affecting key supply routes.
