The Dangote Refinery has increased its ex-depot price of Premium Motor Spirit, also known as petrol, by seventy-five naira per litre, raising concerns over a possible rise in pump prices across the country.
The new loading price moved from one thousand, two hundred naira per litre to one thousand, two hundred and seventy-five naira per litre, while the coastal supply price also increased to one thousand, two hundred and fifteen naira per litre.
Industry sources confirmed that the new price adjustment has already affected activities in the downstream petroleum sector, with marketers and traders preparing for higher costs.
A refinery official confirmed the increase, while another source disclosed that the refinery also suspended its Proforma Invoice process on Tuesday evening, disrupting the normal product loading schedule.
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The suspension reportedly affected the sale of both petrol and Automotive Gas Oil, also known as diesel, causing concerns among distributors and depot operators.
Many marketers fear that the disruption could lead to increased transportation and distribution costs, which may eventually reflect in higher pump prices for consumers nationwide. The latest development comes as global crude oil prices continue to rise.
Brent crude climbed above one hundred and fourteen dollars per barrel, while West Texas Intermediate also recorded a significant increase.
Experts say the rise is linked to growing tensions around the Strait of Hormuz, a major global oil supply route, which has pushed up refining costs and forced price adjustments in petroleum products.
