The Dangote Refinery has increased its ex-depot price of Premium Motor Spirit (petrol) to N1,245 per litre, marking a fresh adjustment in Nigeria’s downstream oil sector.
The new rate represents an increase of about N70 from the previous price of N1,175 per litre, raising concerns among marketers and consumers over a potential rise in pump prices nationwide.
Industry stakeholders say the adjustment is expected to impact the retail cost of petrol, as marketers may be forced to reflect the new ex-depot rate in their pricing. This development could further strain Nigerians already grappling with high living costs and inflationary pressures.
Although the refinery has yet to issue an official statement detailing the reasons for the hike, analysts link the increase to prevailing market realities, including crude oil prices, exchange rate fluctuations, and operational costs.
The latest development comes amid ongoing efforts to stabilise the petroleum supply chain following subsidy removal, with Nigerians closely monitoring pricing trends in the deregulated market.
Marketers are expected to review their pump prices in the coming days as the new rate takes effect.
