Dangote Refinery raises petrol price to ₦1,275 per litre

Nigeria’s fuel market is facing renewed pressure as the Dangote Refinery recently announced a significant increase in its Premium Motor Spirit (PMS) prices. The refinery raised its ex-depot petrol price by N75 per litre, sparking concerns of a wider fuel price surge across the country.

The price adjustment, confirmed by a Dangote refinery official and verified through Petroleumprice.ng, saw the petrol loading price rise from N1,200 per litre to N1,275 per litre. Coastal supply prices also experienced a boost, climbing to N1,215 per litre.

The development, which took effect amid operational adjustments, is already sending shockwaves through the downstream petroleum market.

The official confirmed the development, saying, “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 halted its Proforma Invoice entry process at about 4:00 pm on Tuesday, effectively disrupting normal supply scheduling across its loading system.

The suspension, according to the sources, led to an immediate stoppage of both petrol and Automotive Gas Oil sales.

The suspension and price adjustment have triggered rapid reactions among traders and marketers, many of whom are now bracing for higher depot costs and a possible increase in pump prices nationwide.

Operators noted that such interruptions often translate quickly into higher logistics and distribution expenses, compounding pricing pressures along the value chain.

The development comes against the backdrop of rising global crude oil prices, which have significantly increased feedstock costs for refiners.

As of 10:35 am (WAT), Brent crude was trading at $114.80 per barrel, reflecting a 3.15 per cent increase, while West Texas Intermediate stood at $103.40 per barrel, up by 3.49 per cent.

The surge in international oil prices to heightened geopolitical tensions around the Strait of Hormuz, a critical global oil supply corridor. The spike in crude prices has raised replacement costs for refiners, forcing upward adjustments in refined product pricing.