The Dangote Refinery has increased its ex-depot price of Premium Motor Spirit (petrol) to N1,350 per litre, marking another upward adjustment in the domestic fuel market.
The new price, confirmed on Wednesday by a senior official and data from Petroleumprice.ng, represents a N75 rise from the previous N1,275 per litre. This is the second increase of the same margin within a week, reflecting ongoing volatility in the downstream sector.
According to industry sources, the updated pricing has already taken effect across all loading depots, prompting marketers to revise their pricing structures in response to supply challenges and cost pressures.
“The new pricing template has been activated across the board. All loading points have been updated, and marketers are already responding by adjusting their depot prices. This is not an isolated change; it reflects prevailing supply and cost pressures in the system,” a senior official said.
The latest adjustment comes shortly after the refinery raised its price from N1,200 to N1,275 per litre, underscoring the rapid pace of changes shaping the fuel market.
Despite the increases, a top executive within the Dangote Group recently stated that the refinery has been absorbing part of the cost by subsidising petrol and diesel sold locally.
Market players also linked the hike to a recent pause in the issuance of pro forma invoices, which temporarily tightened supply and contributed to rising prices.
“The suspension of PFI created a short-term supply squeeze,” another official explained. “When you combine that with international crude price movements and logistics costs, it becomes inevitable that depot prices will adjust upward. What we are seeing is a direct market response to those realities.”
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Over the past month, the refinery has repeatedly adjusted its petrol prices, driven by fluctuations in crude oil costs, foreign exchange challenges, and distribution expenses. While there were brief reductions earlier due to competition and stock levels, the trend has now reversed as supply tightens and global oil prices strengthen.
The ongoing price shifts highlight the transition in Nigeria’s deregulated fuel market, where local refining is gradually replacing imports but remains sensitive to global market forces.
The increase is expected to push pump prices higher nationwide, as marketers transfer additional costs to consumers already dealing with inflation and rising transport fares.