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Marketers confirm fuel price hike as Dangote Refinery raises price to N955/litre 

PETROLEUM Retail Outlet Owners Association of Nigeria (PETROAN) has confirmed price adjustments in its retail outlets nationwide.

The National President of PETROAN, Billy-Gillis-Harry, told The ICIR that there were marginal price adjustments in most of its retail outlets across the country, following the current global spike in the price of Brent crude.

According to oilprice.com, Brent crude oil sells at $81.03 today, Friday, January 17, the highest in 2025, and a major reason for the increase.

Sequel to the global hike in price, the  Dangote Petroleum Refinery communicated an upward adjustment in the price of petrol to its customers to N955 from N899/litre earlier today.

In a statement seen by The ICIR, the refinery announced that its refined products would be sold at N955 per litre at the loading gantry.

It noted that marketers buying between two million – 4.99 million litres would begin to buy at N955 per litre while those buying five million litres and above would buy at N950 per litre.

The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.

According to the refinery, the adjustment applies to all stock balances yet to be lifted when it announced the rise in price while pending stock as of the time would also be repriced at the updated rates.

The statement added that the new price regime would take effect from 5:30 pm, today.

Part of the notice titled, “Communication on PMS Price Review” reads, “Kindly be advised that effective from 5:30 pm today, an upward adjustment has been implemented on the gantry price of premium motor spirit (petrol). Please note that all stock balances yet to be lifted at the above-stated time are to be repriced at the newly reviewed prices.

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“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

It added that the price increase was expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.



An oil sector governance expert, Adeola Adenikinju, told the ICIR that there is a need for the regulatory bodies to monitor the price adjustments to forestall possible incidences of quasi-market dominance.

“The regulatory authorities must find a way to ensure price control powers are not usurped by an individual but determined by market forces,” he added.




     

     

    On Thursday, January 16, the minister of state petroleum resources (Oil), Heineken Lokpobiri, said that the price of crude oil in the international market remained a major force in driving the fluctuations in the pump prices of petrol.

    He said the downstream sector was fully deregulated with the government no longer involved in setting prices.

    Meanwhile, The ICIR reported that the Organisation of the Petroleum Exporting Countries (OPEC) confirmed that the 650,000 barrels per day/bpd Dangote Refinery capacity to ramp up production was pushing some European refineries which hitherto serviced the Nigerian market out of business.

    The Dangote Refinery, which began operations in January last year, started producing petrol in September, years after the country had relied solely on importation for its fuel needs with the Nigerian National Petroleum Company Limited (NNPCL) superintending the import over the years.

    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.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

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