KEY POINTS
- Dangote Refinery increased its ex-depot petrol price from ₦1,275 to ₦1,350 per litre.
- The refinery attributed the increase to rising crude oil feedstock costs linked to global market instability and the US-Iran conflict.
- Oil marketers are expected to raise pump prices nationwide as they adjust to the new pricing structure.
Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,275 to ₦1,350 per litre.
The latest adjustment represents about a six per cent increase and is expected to affect petrol prices across filling stations nationwide in the coming days.
Industry sources confirmed that the new pricing template has already been implemented, with marketers expected to align with the updated rates.
The development comes at a time when Nigerians are already grappling with rising transportation and living costs caused by persistent fuel price increases.
According to sources within the domestic petroleum market, the increase was largely triggered by the rising cost of crude oil feedstock used for refining.
The prolonged conflict involving the United States and Iran has continued to create instability in the global crude oil market, disrupting supply chains and pushing oil prices upward.
The refinery reportedly reviewed its pricing structure due to the higher cost of securing crude oil for refining operations.
Analysts say the instability in the international energy market is beginning to place additional pressure on Nigeria’s downstream petroleum sector despite increased local refining capacity.
Marketers Expected to Increase Pump Prices
Industry stakeholders say the increase in ex-depot prices will likely force marketers to raise pump prices at filling stations across the country.
A source familiar with the development said all operators in the distribution chain are expected to comply with the new pricing structure.
This means consumers may soon pay more for petrol as independent marketers and retail outlets adjust to the revised rates.
The expected increase could further worsen transportation costs and inflation, especially as businesses continue to battle high operating expenses.
The latest price adjustment has renewed concerns among Nigerians over the affordability of petrol and the broader impact on the economy.
Although local refining was expected to help stabilise fuel prices, global crude oil volatility continues to influence domestic pricing.
The refinery’s move also comes amid ongoing debates over Nigeria’s energy policies, crude supply arrangements and the sustainability of petrol pricing reforms.
Many consumers and businesses are expected to closely monitor whether the increase will lead to another round of nationwide pump price adjustments.
