Just three days after its previous price increase, the Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by N65 per litre.
The latest adjustment takes the refinery’s gantry price from N1,200 to N1,265 per litre and will take effect on Saturday.
The refinery has now increased its petrol price three times within eight days, bringing the total increase to N100 per litre, representing an 8.6% rise.
Sunday PUNCH sighted a price adjustment notice from Dangote Petroleum Refinery and Petrochemicals FZE confirming the latest increase.
Additionally, the refinery raised its coastline pricing per metric tonne from N1,582,380 to N1,669,545.
Clients were advised to submit all active Collect authorizations for repricing before loading operations commence.
“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption,” the company stated.
The latest price increase comes amid concerns about crude oil supply, rising logistics costs and volatility in the global oil market.
Petroleumprice.ng, an industry pricing platform, suggested that higher freight costs may have contributed to the latest adjustment.
The US-Iran war has also raised concerns about potential disruptions to global crude supplies and its impact on petroleum product prices.
After the refinery’s previous adjustment on August 26, independent petroleum marketers warned that fluctuations in crude oil prices, foreign exchange rates and other market conditions were making it increasingly difficult to plan their businesses.
IPMAN reacts
According to Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, petrol already sells for between N1,250 and N1,300 per litre in some areas.
He warned that further disruptions in the global oil market could increase price volatility and place additional pressure on consumers.
The latest Dangote adjustment has pushed the refinery’s gantry price N265 above the N1,000-per-litre mark, raising concerns that retailers could increase pump prices and transportation costs.
With a nominal capacity of 700,000 barrels per day, the Dangote refinery remains Africa’s largest oil refinery and a major supplier of refined petroleum products to Nigeria’s domestic market.
The refinery remains exposed to changes in global crude oil prices, freight charges and other logistics costs because it relies partly on imported crude.
The latest price review is also expected to trigger further changes in petrol prices across Nigeria’s downstream sector in the coming days.
Read Also: NNPCL Fuel Hike-Petrol Price Rises by ₦115 Per Litre
