Dangote hikes petrol price three times in eight days
Dangote Petroleum Refinery has increased its petrol price three times in eight days, raising concerns about rising fuel costs. com/dangote-hikes-petrol-price-three-times-in-eight-days/
The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit, commonly referred to as petrol, three times over the past eight days. The latest hike, which took effect on Saturday, saw the gantry price rise from N1,200 to N1,265 per litre, marking an 8.6% increase since the initial adjustment. This is the third price increase in such a short period, with the total rise now amounting to N100 per litre.
The refinery also raised its coastal price from N1,582,380 to N1,669,545 per metric tonne. Customers are advised to return all existing Authorisations to Collect for repricing before loading resumes. The latest price increase represents a 5.4% rise in the gantry price. The refinery had previously increased petrol prices from N1,165 to N1,185 per litre on August 21, and then again by N15 to N1,200 on August 26.
With the most recent adjustment, the total increase in petrol price over the past week has been N100 per litre. This rapid series of price hikes is expected to prompt further adjustments in depot and retail prices as marketers recalibrate their product pricing. The increase comes amid global oil market volatility and concerns over crude supply and logistics costs.
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