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The Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by N75 per litre, raising fresh concerns over a possible nationwide hike in pump prices.
The new price adjustment takes the refinery’s loading price from N1,200 per litre to N1,275 per litre, while the coastal supply price has also risen to N1,215 per litre.
The development, confirmed on Wednesday through price data from Petroleumprice.ng and refinery sources, follows operational changes that have already begun impacting the downstream petroleum market.
A refinery official verified the increase, stating, “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.”
In addition to the price hike, the refinery reportedly suspended its Proforma Invoice entry process around 4:00 p.m. on Tuesday, disrupting the normal scheduling of product loading.
A source familiar with the situation disclosed that the disruption led to an immediate halt in the sale of both petrol and Automotive Gas Oil (AGO), creating uncertainty among marketers and traders.
Industry operators say the suspension could trigger higher depot prices and eventually force an increase in retail pump prices across the country.
Marketers also warned that interruptions in supply scheduling often result in additional logistics and distribution costs, placing more pressure on the petroleum supply chain.
The latest development comes amid rising global crude oil prices, which have significantly increased feedstock costs for refiners.
As of 10:35 a.m. (WAT), Brent crude was trading at $114.80 per barrel, reflecting a 3.15 per cent increase, while West Texas Intermediate rose by 3.49 per cent to $103.40 per barrel.
Analysts linked the surge in crude prices to growing tensions around the Strait of Hormuz, a major global oil transit route, noting that the rising replacement cost of crude is pushing up refined petroleum product prices worldwide.
