Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira after suspending gantry loading for about a week, easing concerns over fuel supply in Nigeria’s downstream petroleum sector.
The refinery has fixed its new ex-depot price at ₦1,215 per litre, representing an increase of ₦140, or about 13 percent, from its previous price of ₦1,075 per litre.
The price adjustment follows a sharp increase in global crude oil prices, which has significantly raised the cost of refining petroleum products. Brent crude climbed to $93.90 per barrel, while West Texas Intermediate (WTI) rose to $86.65 per barrel, increasing production costs for petrol, diesel and aviation fuel.
Industry sources confirmed that marketers have been informed of the refinery’s decision to resume truck loading under the revised naira pricing structure, with operations expected to continue immediately.
The temporary suspension had forced many independent marketers to source petrol from private depots after the refinery switched to dollar-denominated sales. Dangote Refinery had attributed the move to challenges in securing sufficient crude oil under the Federal Government’s naira-for-crude arrangement.
The return to naira transactions is expected to improve fuel availability across the country and ease supply disruptions experienced during the suspension.
Meanwhile, depot prices of petrol have continued to rise across major supply hubs, including Lagos, Port Harcourt, Warri and Calabar. Market data showed that some depots increased prices by as much as ₦87 per litre.
Bulk Strategic Reserve in Lagos recorded the highest increase, raising its ex-depot price to ₦1,350 per litre from ₦1,263 per litre. Other depots, including Liquid Bulk, Masters Energy, Matrix and Sigmund, also adjusted their prices upward to about ₦1,280 per litre.
The increase has already reflected at filling stations, with pump prices in Lagos and surrounding areas now ranging between ₦1,300 and ₦1,400 per litre, up from an average of ₦1,260 per litre.
The latest price adjustments have renewed concerns over the rising cost of transportation, food and other essential goods, as Nigerians brace for the ripple effects of higher fuel prices.
READ ALSO:
- How Governor Dauda Lawal Built ₦75bn Gusau Airport With Zamfara’s Debt Profile Declining | By Karen Ibrahim
- Ekiti Police Deny Sowore’s Kidnap, Say AAC Presidential Candidate Was Rescued After Restaurant Clash
- Armed Men Reportedly Kidnap Sowore In Ekiti, Vandalise Restaurant
- Femi Branch Receives Second Honorary Doctorate Degree From Benin Republic University
- Samson Adamu Makes History As First Nigerian To Become CAF General Secretary
