LAGOS, Mar 10 – Dangote Petroleum Refinery has raised the ex depot price of Premium Motor Spirit to N1,175 per litre, the latest in a series of adjustments that have reshaped fuel pricing in Nigeria’s downstream market this month.
The new rate represents a steep increase from the previous N995 per litre, according to industry sources familiar with the pricing notice sent to marketers. At the same time, the refinery lifted the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre from N1,430.
The move marks the fourth price revision by the refinery in less than two weeks, highlighting the rapid changes taking place in the domestic fuel market.
The adjustment followed a brief disruption to petrol loading operations after the refinery temporarily suspended truck out activities. The halt in supply had already stirred expectations among fuel traders that a price change could follow once operations resumed.
The price revision also comes against a backdrop of rising global oil prices. Brent crude was trading around 102.8 dollars per barrel in afternoon trading, up about 10.9 percent, while United States benchmark West Texas Intermediate crude stood near 101 dollars per barrel, an increase of roughly 11.1 percent.
Pricing decisions by the Dangote refinery often set the tone for depot rates across Nigeria’s major fuel distribution hubs. As a result, fuel marketers are expected to adjust their pricing in response to the new gantry rates announced by the facility.
