The Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N774 to N875 per litre, a N101 hike, following a surge in global crude oil prices above $80 per barrel.
The new pricing takes immediate effect, according to a senior official of the Lekki-based refinery, who confirmed that the adjustment became unavoidable as international crude benchmarks crossed the $80 threshold amid ongoing geopolitical tensions linked to the Iran war and supply disruptions.
As part of efforts to implement the revised pricing structure, petrol loading operations were suspended from midnight to allow dispatch systems align with the new template.
Industry observers say the development is expected to trigger an immediate response nationwide, with pump prices projected to climb to N900 per litre and above in several locations, depending on dealer margins and logistics costs.
The refinery, which now accounts for a significant portion of Nigeria’s domestic petrol supply, plays a major role in determining market trends. Analysts note that any adjustment at its gantry typically sets the tone for retail pricing across the country.
Energy experts warn that the ripple effects will extend beyond filling stations, as higher fuel costs are likely to push up transportation fares, food prices, and overall business operating expenses, further straining household budgets.
Market watchers caution that additional increases may follow if crude oil prices approach the $90 per barrel mark. Meanwhile, petroleum marketers have begun adjusting their pricing structures, with pump price changes expected within hours.
