The Dangote Refinery has increased its ex-depot price of Premium Motor Spirit by N75 per litre, deepening concerns over a fresh round of fuel price hikes across the country, as it also suspended product sales following a disruption in its Proforma Invoice process.
Price data obtained from Petroleumprice.ng and confirmation from a Dangote refinery official on Wednesday revealed that the refinery raised its petrol loading price from N1,200 per litre to N1,275 per litre, while coastal supply prices climbed to N1,215 per litre.
The development, which took effect amid operational adjustments, is already sending shockwaves through the downstream petroleum market.
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.
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.
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