Dangote Refinery has further increased the price of Premium Motor Spirit (petrol) at its gantry by ₦180 to ₦1,175 per litre, from ₦995.
This latest increase marks the third price increase in one week, following the escalating conflict in the Middle East, which has led to the disruption of crude oil supply and the consequent surge in prices in the global market.
According to Petroleumprice.ng, the 650,000 barrels per day refinery also increased the gantry price of its Automotive Gas Oil (AGO), commonly known as diesel, to ₦1,620 per litre from ₦1,430 per litre it sold previously.
The refinery has reportedly communicated the new price template to marketers. On March 2, the refinery increased its ex-depot price by ₦100 from ₦774 to ₦874 per litre. It further increased its gantry price by ₦121 per litre from ₦874 to ₦995 on Friday, March 6.
Before the latest price increase, the refinery had halted loading of petrol at the gantry.
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The price surge comes amid the continued rise in crude oil costs in the international market. According to Oilprice.com, Brent Crude is trading at about $102.69 per barrel on Monday afternoon, up by 10.93 per cent, while West Texas Intermediate (WTI) crude stood at around $101.02 per barrel, up 11.13 percent.
Analysts warned that the development could trigger a ripple effect across the downstream sector, as depot operators and fuel marketers recalibrate supply costs in line with the revised prices.
There are concerns that the petrol price may hit ₦1,400 per litre this week. Prices were already trending around ₦1,200 before the latest adjustment by Dangote Refinery.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
