Dangote Petroleum Refinery has again adjusted its ex-depot fuel prices, marking the fourth change since March 2.
The company increased the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre on Monday while Automotive Gas Oil (AGO), commonly called diesel, is now priced at N1,620 per litre.
Industry insiders disclosed that the updated price template has already been sent to petroleum marketers after several revisions carried out earlier this month.
This latest increase represents the fourth price adjustment within two weeks, reflecting growing pressure in Nigeria’s downstream petroleum sector amid fluctuations in global crude oil prices.
The adjustment followed the refinery’s temporary halt of petrol loading and limited truck-out operations, a move that had already sparked speculation among stakeholders about a possible upward review of fuel prices.
Under the new pricing structure, the N1,175 per litre rate for petrol is a significant jump from the earlier N995 per litre. Diesel also climbed sharply, moving from N1,430 per litre to N1,620 per litre, continuing the upward movement in domestic fuel prices.
The revisions also came at a time when international oil benchmarks are rising.
By about 1:00 pm WAT, Brent crude was trading near $102.8 per barrel, reflecting a 10.9 per cent increase, while West Texas Intermediate crude stood around $101.0 per barrel, up by 11.1 per cent.
Industry players noted that price decisions by the Dangote refinery usually influence depot rates across major fuel distribution centres in the country.
As a result, fuel marketers are expected to review their pump prices in response to the new gantry rates.
Experts cautioned that the development may create a ripple effect throughout the downstream oil sector as depot owners and marketers adjust supply costs in line with the new prices announced by the nation’s biggest refinery.