Dangote Refinery has increased its ex-depot price for Premium Motor Spirit (petrol) to ₦1,350 per litre, up from ₦1,275. The adjustment, confirmed by market sources and reported by Petroleumprice.ng, took effect Tuesday following the suspension of the Proforma Invoice across loading channels. Marketers have begun recalibrating depot and retail pricing in response. The ₦75 increase follows another ₦75 hike just a week earlier, when the price rose from ₦1,200 to ₦1,275. This marks the second consecutive increase of the same amount within seven days. Industry operators expect the latest adjustment to push pump prices higher in major consumption centres. The moves reflect ongoing shifts in crude sourcing costs, foreign exchange pressures, and domestic supply dynamics. While global oil prices dipped below $100 a barrel midweek due to improved geopolitical outlooks, domestic pricing remains under upward pressure. Dangote Refinery's pricing decisions are increasingly shaping Nigeria's downstream fuel market.
Dangote Refinery is setting the pace in Nigeria's fuel market with back-to-back price hikes while global crude prices fall. The refinery raised petrol prices by ₦75 twice in one week even as international benchmarks declined. This means Nigerians are paying more at the pump despite cheaper global oil. The divergence suggests local pricing is now more influenced by domestic supply factors than international trends.
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