The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price to N995 per litre, marking a sharp N221 rise within four days, amid volatility in global crude oil prices and shipping costs.
A senior official of the refinery confirmed the development to PUNCH Online on Friday, explaining that the latest price adjustment followed recent shifts in global oil market fundamentals.
“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said.
The new price represents an increase from N874 per litre, which itself was introduced earlier this week after the refinery raised its ex-depot price from N774 to N874 per litre.
With the latest revision, the refinery’s petrol price has climbed from N774 to N995 per litre within four days, representing about a N221 or 29 per cent increase over the period.
Checks on petroleumprice.ng, also confirmed that the new gantry price had already been updated on the portal, signalling a shift in domestic downstream pricing benchmarks.
The latest price adjustment could trigger a fresh increase in retail pump prices across the country, with petrol likely to sell above N1,050 per litre in several locations depending on transportation costs and marketers’ margins.
It also followed a brief halt in petrol loading operations at the refinery, a development that had earlier sparked speculation among marketers that another price increase might be imminent.
Sources confirmed that truck-out operations for petrol were suspended at about 2:00 a.m. on Friday, leaving depot owners and bulk marketers uncertain about the refinery’s next pricing direction.
Market participants noted that similar pauses in petrol loading at the facility have historically preceded price adjustments.
PUNCH
