Petrol Hits Up Per Liter Amid Dangote Refinery Price Surge

Dangote Refinery has adjusted its PMS price from ₦899 per litre to ₦955 per litre at its loading gantry.

In an email statement sent to its customers, the refinery confirmed that its refined products will now be sold at the new prices. It specified that marketers purchasing between two million and 4.99 million litres will now pay ₦955 per litre, while those buying five million litres and above will pay ₦950 per litre.

This marks an increase of ₦55.5 or 6.17% from the ₦899.50 per litre price, which was announced as a holiday discount for Nigerians last December.

Dealers have confirmed that PMS prices are expected to continue rising, as crude oil prices—an essential component of fuel production—have been steadily increasing.

Investigations by Punch reveal that private depots, even with existing stock, have raised their loading costs. For instance, Lagos private depots have increased their prices to ₦970, while Calabar has seen prices rise to ₦1,000.

A breakdown of petrol price movements at loading depots after the recent price adjustment shows that Sahara Depot increased its price by ₦20 to ₦970 per litre from ₦950 per litre on Thursday. Pinnacle Depot increased to ₦970 from ₦921, while Wosbab Depot raised its price to ₦965 from ₦940.

NIPCO’s loading costs rose by ₦30 to ₦980 from ₦950, and Rainoil increased its prices to ₦970 from ₦950. Additionally, Alkanes depot in Calabar now requires retailers to pay ₦1,000 per litre.

Zone 4 and Mainland depots have also adjusted their prices, increasing to ₦1,005 per litre from ₦985 per litre.

Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected a steep rise in the retail cost of petrol, suggesting it could reach ₦1,100 per litre in Lagos and neighbouring states.