Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦85 per litre, raising its wholesale ex-gantry price from ₦1,265 to ₦1,350.
The latest adjustment represents a 6.7 per cent increase and comes amid rising international crude oil prices and higher petroleum product replacement costs. The new price is also above the current PMS landing-cost benchmark of about ₦1,311 per litre.
The refinery had previously maintained its Lagos gantry price at ₦1,265 per litre despite increases in international market prices. The latest rise, however, reflects growing pressure from higher crude oil and replacement costs.
The development is expected to put additional pressure on depot owners and independent petroleum marketers, who may review their prices as they replenish existing stocks at higher costs.
Petrol prices have already been rising in several parts of the country, with marketers adjusting their prices in response to changing supply and replacement costs. However, actual depot and pump prices vary depending on location, available stock, transportation expenses and the supplier.
The latest ₦1,350 per litre ex-gantry price therefore establishes a new wholesale reference point for Dangote Refinery and could trigger further price reviews across the downstream petroleum market if international crude prices remain elevated.
The development comes amid a sharp rise in global crude prices linked to renewed tensions in the Middle East, raising concerns about possible disruptions to crude production and international oil shipments.
Brent crude, the global benchmark against which Nigeria’s crude is priced, has risen sharply in recent trading as geopolitical tensions continue to affect the international oil market.
A prolonged increase in crude oil prices could further raise the cost of petrol, transportation, electricity generation and other goods and services that depend heavily on petroleum products.
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