DANGOTE Petrochemical Refinery has again raised the ex-depot price of petrol by N75 per litre, fueling fears of fresh fuel price hikes nationwide.
Price data from Petroleumprice.ng and a Dangote refinery official confirmed the hike on Wednesday, April 29. The refinery increased its petrol loading price from N1,200 per litre to N1,275 per litre, as coastal supply prices climbed to N1,215 per litre.
Industry sources said the refinery implemented the change amid operational adjustments as the Middle East war between the United States and Iran continues to take toll on global crude oil prices.
As of today, Brent crude sells for $114.3 per barrel, according to oilprice.com.
The development immediately rattled the downstream petroleum market, which has been officially deregulated by the Nigerian government. Dangote Refinery, currently suppling a higher percentage of Nigerian petroleum needs, is always adjusting prices according to prevailing global pricing template.
“Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215,” an official who is not authorised to speak for the company said.
Another source said the refinery halted its Proforma Invoice entry process at about 4:00 pm on Tuesday, adding that, “The shutdown disrupted normal supply scheduling across its loading system to enable proper price adjustments and official communication to the marketers procuring petrol from the company.”
Traders and marketers are already expecting higher depot costs and a possible rise in pump prices nationwide, with some filling station retail outlets also adjusting pricing despite selling their old stocks.
Industry operators also claimed that such interruptions quickly raise logistics and distribution expenses, stressing that those costs add more pressure along the value chain.
Crude price surge has been linked to heightened geopolitical tensions around the Strait of Hormuz, a key global oil supply route.
The ICIR reports that Dangote Refinery has been adjusting prices of petrol mostly upward since the US-Iran conflict began on February 28, with the Federal Government having little or no impact on pricing, despite the crude-for-naira policy.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.