Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N1,075 to N1,215 per litre, representing a 13.02 per cent increase.
The refinery also resumed gantry loading of petrol in naira after suspending truck loading operations for about one week, a development expected to influence fuel prices across the downstream sector.
The latest adjustment comes amid rising international crude oil prices and renewed efforts to restore normal product distribution after recent supply disruptions.
Pump prices rise across Lagos, Ogun
Following the refinery’s latest price review, several filling stations in Lagos and Ogun states have adjusted their pump prices to about N1,300 per litre, up from approximately N1,220 per litre earlier in the week.
The increase is expected to spread to other parts of the country as marketers begin lifting products under the revised ex-depot price.
Industry observers say the new pricing will significantly affect retail fuel costs, with independent marketers expected to adjust their pump prices in line with prevailing market conditions.
The refinery had suspended both gantry and coastal loading on July 15 after introducing a dollar-based pricing system for refined petroleum products, a move that disrupted supply and forced many marketers to source fuel from private depots.
Marketers resume product lifting
Industry sources disclosed that marketers have now been notified of the resumption of gantry loading, with truck loading expected to commence immediately under the new naira pricing arrangement.
The development follows the refinery’s earlier decision to resume coastal loading operations after announcing a revised coastal price of 1,161.23 dollars per metric tonne, compared to the previous 1,044.62 dollars per metric tonne.
The revised coastal price represents an increase of 116.61 dollars per metric tonne, while customers involved in coastal lifting have also been informed of the new pricing structure.
Before loading resumed, truck traffic around major private petroleum depots in Lagos increased sharply as marketers rushed to secure available fuel supplies in anticipation of higher wholesale prices.
Analysts believe the return of direct loading from Dangote Refinery should ease congestion around private depots, particularly in the Apapa area of Lagos.
Disagreement over crude supply persists
Before temporarily suspending naira sales, Dangote Refinery attributed its decision to adopt dollar-denominated transactions to inadequate crude oil supplies received from the Nigerian National Petroleum Company Limited (NNPCL) under the naira-for-crude arrangement.
According to the refinery, only three of the expected 14 crude cargoes were supplied under the agreement, representing less than 25 per cent of the projected volume required to sustain refinery operations.
The refinery maintained that the limited crude deliveries affected its ability to continue selling refined petroleum products in naira.
However, the NNPCL rejected the allegation, insisting that it supplied all crude cargoes available under the arrangement and did not deliberately withhold feedstock from the refinery.
The latest increase in Dangote Refinery’s ex-depot price comes as Brent crude traded at around 92 dollars per barrel, with global oil prices continuing to shape fuel pricing and operating costs in Nigeria’s downstream petroleum industry.