Dangote raises petrol price by N85 amidst crude rally

Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS) at its gantry by N85 per litre, increasing the wholesale price from N1,265 to N1,350. This 6.7% increase occurred amidst a surge in international crude oil prices and higher costs for petroleum product replacement. The latest landing cost for PMS has reached N1,311 per litre, meaning Dangote Refinery's new ex-gantry price now surpasses the prevailing benchmark.

This price hike is expected to place additional strain on downstream operators and may prompt further adjustments in petrol prices across the market as marketers reevaluate their replenishment costs. The new N1,350 per litre gantry price serves as Dangote Refinery's new wholesale reference point, forcing depot owners and marketers to reassess their selling prices.

Motorists may now encounter higher prices at filling stations, exacerbating the financial strain on households and businesses that depend on petrol for transportation and power generation. Reports indicate that fuel prices range from N1,310 to N1,400 per litre in the Northern regions, and the latest price increase could compel fuel stations to raise pump prices accordingly.