Petrol near N1,400 as Dangote defends price hikes
Dangote Refinery defends recent petrol price hikes, attributing increases to crude oil acquisition costs and logistics, as petrol nears N1,400 per litre. Read More: https://punchng.com/petrol-near-n1400-as-dangote-defends-price-hikes/
The Dangote Petroleum Refinery defended its recent fuel price hikes, attributing them to the costs of crude oil acquired earlier and the lengthy process for shipping and delivering crude to the refinery, despite global crude prices falling. Premium Motor Spirit (petrol) prices rose across Nigeria, reaching between N1,310 and N1,400 per litre.
The refinery increased its PMS gantry price by N65 per litre on August 29, marking the third increase in eight days. A Dangote executive explained that the international crude price couldn't solely determine petrol production costs due to significant time lags between purchases, shipping, and refining. They questioned how the refinery would account for expensive crude already purchased.
The price hikes have led to varying pump prices across locations, with some areas approaching N1,400 per litre.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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