Dangote Petroleum Refinery
Nigeria’s largest refinery, the Dangote Petroleum Refinery, has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, while the price of Automotive Gas Oil (AGO), or diesel, has been raised to ₦1,620 per litre.
The new pricing, which applies to fuel lifted at the refinery’s gantry, represents another upward adjustment in domestic fuel costs.
According to a report by Petroleumprice.ng, the latest adjustment is the fourth price review in less than two weeks, reflecting ongoing volatility in the global energy market.
Industry sources cited in the report said the revised pricing template has already been circulated to petroleum marketers after several earlier changes this month.
Under the new structure, the petrol price increased sharply from the previous ₦995 per litre, while diesel climbed from ₦1,430 per litre, highlighting the steady rise in fuel costs in Nigeria’s downstream sector.
The increase coincides with a surge in international crude oil benchmarks, with Brent Crude trading at $102.8 and West Texas Intermediate (WTI) Crude at $101.0 as of 1:00 pm WAT, both posting gains of over 10 percent amid the escalating Middle East energy crisis.
The development is expected to trigger a ripple effect across Nigeria’s fuel distribution chain as depot owners and marketers adjust pump prices in response to the higher supply cost from the refinery.
As of the time of filing this report, the Dangote Refinery had not issued an official statement confirming the latest price review. Meanwhile, global oil prices have surged amid tensions linked to the ongoing conflict involving the United States, Israel, and Iran, which has raised fears of supply disruptions across key oil routes, including the Strait of Hormuz through which a significant share of the world’s crude oil shipments pass.
