The Dangote Petroleum Refinery has implemented a fresh upward price adjustment, raising the ex-depot price of Premium Motor Spirit (PMS) to N1,350 per litre.
The new gantry price, which took effect immediately, has been updated across all loading channels. This development has forced oil marketers to recalibrate their pricing templates to account for the increased costs and ongoing supply constraints.
This latest adjustment marks the second N75 increase within a single week. Just seven days prior, the refinery had moved its ex-depot price from N1,200 to N1,275 per litre.
A senior official familiar with the matter confirmed the implementation, stating that the move reflects prevailing market realities.
“The new pricing template has been activated across the board,” the official said. “This is not an isolated change; it reflects prevailing supply and cost pressures in the system, including international crude price movements and logistics costs.”
The price hike follows a temporary suspension of Pro Forma Invoices (PFI) earlier this week. Market analysts suggest this halt created a short-term supply squeeze, further intensifying upward price pressure across the downstream value chain.
Despite the series of increases, a senior management official from the Dangote Group recently asserted that the refinery continues to subsidize the petrol and diesel it supplies to the Nigerian domestic market.
The refinery’s pricing strategy has been highly fluid over the past month, fluctuating in response to:
• Crude Sourcing Costs: Shifts in the price of global benchmarks.
• Foreign Exchange Pressures: The ongoing volatility of the Naira.
• Inventory Dynamics: A transition from initial price reductions aimed at building market share to increases driven by tightening supply.
The frequent adjustments signal a volatile transition phase for Nigeria’s deregulated fuel market. As the country moves from a reliance on imports to domestic refining, prices remain heavily tethered to international variables.
Industry experts expect this latest ex-depot hike to cascade into higher retail pump prices nationwide, further impacting consumers already facing high transportation costs and inflationary pressures.
