THE Dangote Petroleum Refinery has raised the ex-depot price of Premium Motor Spirit (petrol) to N1,175 per litre, while the price of Automotive Gas Oil (diesel) has been increased to N1,620 per litre.
Sources within the downstream sector disclosed that the refinery has already notified fuel marketers of the revised pricing template. The adjustment forms part of several changes implemented by the refinery since the beginning of March.
The latest decision represents the fourth pricing revision since March 2, reflecting growing pressure in the local petroleum supply chain as global crude oil prices continue to fluctuate.
Market participants had anticipated a price adjustment after the refinery briefly halted petrol loading operations and limited truck dispatches, a development that created uncertainty among depot operators and marketers.
With the new rates, the petrol gantry price rises significantly from N995 per litre, while diesel moves up from N1,430 per litre, further tightening fuel costs in the domestic market.
The adjustment comes at a time when global oil prices are strengthening. International benchmarks showed Brent crude trading at roughly $102.8 per barrel, up 10.9 percent late Monday, while West Texas Intermediate hovered around $101 per barrel, reflecting an 11.1 percent gain.
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Industry observers say the pricing decisions of the Dangote refinery typically influence fuel pricing across major depots in Nigeria, suggesting marketers may soon review their own prices in response to the latest increase.
Analysts warn that the development could spread through the downstream sector as distributors, depot owners and retailers factor the higher gantry rates into their operating costs.
Global oil prices
Global oil prices surged past the $100 per barrel mark in early Asian trading on Monday, reaching their highest level in nearly four years as tensions around Iran intensified and Ayatollah Mojtaba Khamenei was named the country’s new supreme leader.
As of the latest trading session, West Texas Intermediate (WTI) crude was priced at $104.9 per barrel at 7.42an Nigerian time, gaining $14. Brent crude was also trading at $108.69, up $16.00 or 17.26 percent.
The spike followed a sharp escalation in the confrontation involving Iran, the United States and Israel over the weekend. A series of attacks targeting energy infrastructure and military facilities across the Middle East raised concerns that oil supplies from the region could face disruptions lasting several weeks.
