The price of Premium Motor Spirit (petrol) has risen again as Dangote Petroleum Refinery adjusts its ex-depot rate upward to N1,350 per litre.
The latest increase reflects ongoing fluctuations in Nigeria’s downstream oil market, with marketers already reacting to the new pricing structure.
The new adjustment represents a N75 increase from the previous N1,275 per litre, marking the second price hike within a week.
The change was confirmed by a senior official of the refinery in collaboration with pricing tracker Petroleumprice.ng, with the new gantry rate reportedly applied across all loading points.
Marketers have since begun updating their depot and retail pricing templates to reflect the latest cost changes, amid tightening supply conditions.
According to an industry source, the new pricing structure has already been activated nationwide, forcing immediate adjustments across distribution channels.
The official explained that the increase is linked to broader market realities, including supply pressures and cost fluctuations within the downstream sector.
This latest adjustment follows a previous increase just days earlier, when the refinery moved its ex-depot price from N1,200 to N1,275 per litre.
The frequent changes highlight a growing trend of price volatility in the fuel market since domestic refining began playing a more dominant role in supply.
Despite the upward adjustments, management sources within the Dangote Group have previously stated that the refinery has been absorbing part of the cost by subsidising petrol and diesel sales to the Nigerian market.
Industry insiders also pointed to a temporary suspension in the issuance of pro forma invoices earlier in the week, which contributed to reduced product availability.
This supply limitation, combined with fluctuations in global crude oil prices and logistics costs, has further pressured depot prices upward.
Analysts note that Nigeria’s deregulated fuel market is still adjusting, with local refining increasingly influencing pricing but remaining sensitive to international market forces.
The latest increase is expected to push pump prices higher across the country as marketers transfer additional costs to consumers.
This could lead to further increases in transportation fares and commodity prices, adding pressure to households already facing inflation and rising living expenses.
For many Nigerians, the concern now shifts to how sustained fuel price changes will affect the cost of daily living in the coming weeks.
The repeated adjustments by Dangote Petroleum Refinery highlight a rapidly evolving fuel market in Nigeria. While domestic refining is reducing dependence on imports, price stability remains uncertain as global and local cost pressures continue to shape the downstream sector.
