BREAKING: Dangote Refinery Raises Petrol Price to ₦1,350 Per Litre

BREAKING: Dangote Refinery Raises Petrol Price to ₦1,350 Per Litre

The Dangote Refinery has implemented another upward adjustment in the ex-depot price of Premium Motor Spirit (PMS), increasing it to ₦1,350 per litre, according to confirmation from industry sources and Petroleumprice.ng.

The new adjustment represents a ₦75 increase from the previous ₦1,275 per litre, continuing a series of frequent price changes that have characterised Nigeria’s downstream petroleum market in recent weeks.

The revised price has reportedly been implemented across all loading depots, with marketers already adjusting their pricing templates in response to the new cost structure.

A senior industry official said the updated pricing has been activated across all gantries, adding that distribution channels have already reflected the new rate as supply conditions remain tight.

According to the official, marketers are quickly recalibrating their depot and retail prices to align with the latest adjustment, which reflects ongoing shifts in production and distribution costs.

The latest increase comes just days after the refinery raised its ex-depot price from ₦1,200 to ₦1,275 per litre, making it the second ₦75 hike within one week.

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Market observers say the rapid adjustments underscore the volatility currently shaping Nigeria’s deregulated fuel sector, where prices now respond directly to supply and demand dynamics.

Industry sources attributed the latest increase to a combination of factors, including fluctuations in global crude oil prices, foreign exchange pressures, and logistics costs associated with fuel distribution.

They also pointed to a temporary disruption in the issuance of pro forma invoices earlier in the week, which contributed to tighter supply conditions across the downstream market.

A senior official explained that the suspension of PFIs created short-term supply constraints, which, when combined with global oil market movements, led to the latest upward price revision.

Despite the recent increases, a senior Dangote Group official had earlier stated that the refinery has been subsidising petrol and diesel sales to stabilise supply within the Nigerian market.

Analysts, however, note that the refinery’s pricing pattern reflects a transitional phase in Nigeria’s downstream sector, where domestic refining is increasingly replacing imports but remains sensitive to international crude prices.

The latest increase is expected to translate into higher pump prices nationwide, as marketers adjust retail rates to reflect new depot costs.

Economists warn that sustained fuel price increases could further intensify inflationary pressures, particularly on transport fares, food distribution, and other essential goods and services.

Within the past month, Dangote Refinery has adjusted petrol prices multiple times, reflecting changes in crude sourcing costs, foreign exchange movements, and domestic supply conditions.

Market watchers say this volatility highlights the evolving nature of Nigeria’s deregulated petroleum market, where pricing is increasingly determined by global and local economic forces rather than fixed controls.

BREAKING: Dangote Refinery Raises Petrol Price to ₦1,350 Per Litre