The Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre, adding fresh pressure to Nigeria’s downstream petroleum sector.
Data obtained from Petroleumprice.ng and confirmed by a refinery official on Wednesday showed that the loading price was raised from ₦1,200 to ₦1,275 per litre. Coastal supply prices were also adjusted upward to ₦1,215 per litre.
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A senior official at the refinery confirmed the development, saying, “Yes, the increase of PMS to ₦1,275 per litre is true. The coastal price is ₦1,215.”
Industry sources revealed that the refinery temporarily halted its Proforma Invoice (PFI) entry process around 4:00 p.m. on Tuesday, disrupting normal supply scheduling.
The move reportedly led to a temporary suspension of both petrol and Automotive Gas Oil (diesel) sales, creating uncertainty among marketers and distributors.
Operators say disruptions of this nature usually trigger a ripple effect across the sector, increasing logistics costs and tightening supply chains.
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The latest price adjustment has already raised concerns among fuel marketers and traders, many of whom expect depot and retail pump prices across the country to rise in response.
Several operators are now preparing for increased operating costs, which are likely to be passed on to consumers.
Analysts note that even slight increases at the depot level often translate into sharper price hikes along the distribution chain due to transportation, storage, and other operational expenses.
The increase comes amid a surge in global crude oil prices, which has significantly raised feedstock costs for refiners.
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As of Wednesday morning, Brent crude traded at approximately $114.80 per barrel, up 3.15 per cent, while West Texas Intermediate (WTI) stood at about $103.40 per barrel, reflecting a 3.49 per cent increase.
The spike has been linked to growing geopolitical tensions around the Strait of Hormuz, one of the world’s most critical oil supply routes.
Energy experts say rising crude prices directly affect refining costs, forcing operators such as the Dangote Refinery to review product pricing.
Analysts also warn that sustained increases in petrol prices could place additional strain on households and businesses already battling difficult economic conditions.
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Stakeholders believe the development highlights the continued vulnerability of Nigeria’s downstream petroleum sector to global oil market volatility, despite the country’s growing local refining capacity.
While the Dangote Refinery is expected to strengthen long-term fuel supply stability, short-term price fluctuations are still heavily influenced by international crude prices and domestic distribution challenges.
DDNewsOnline – Lagos
By Ayomiposi Adebanjo (A.A)
Business Correspondent
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