Dangote Refinery Hikes Petrol Price, Suspends Sales

Dangote Refinery has increased its petrol price to N1,275 per litre and halted sales due to operational disruptions.

Fuel tanker driving past the Dangote Refinery facility following the latest petrol price adjustment.

There is fresh anxiety in the fuel sector as Dangote Refinery adjusts its pricing template. The facility has increased the ex-depot price of Premium Motor Spirit, popularly known as petrol, by N75. This moves the price from N1,200 to N1,275 per litre.

Coastal supply prices have also climbed to N1,215 per litre. This adjustment is already sending signals of a potential hike in pump prices across the country. A source within the refinery confirmed the new rates, noting that the changes are part of necessary operational adjustments.

However, price is not the only issue at play. The refinery has also put a temporary stop to the sale of petrol and diesel. This follows a disruption in the Proforma Invoice process, which began around 4:00 pm on Tuesday. This sudden suspension has disrupted loading schedules, leaving marketers to deal with logistical uncertainties.

Industry players are now bracing for the ripple effects. When depot prices rise and supply halts, the cost of distribution often goes up. Marketers fear this will compound the financial pressure on consumers who are already dealing with high living costs.

The management of the refinery attributes these adjustments to the volatile global market. Global crude oil prices have surged recently, with Brent crude trading at $114.80 per barrel. This spike is linked to rising tensions around the Strait of Hormuz, a key oil supply route. As feedstock costs rise, refiners are forced to adjust their pricing to stay afloat.