The Dangote Petroleum Refinery has increased the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO, also known as diesel) following a sharp rise in global crude oil prices.
Brent crude climbed from $105 per barrel on Monday to $118 on Wednesday, reaching about $125 per barrel at the time of filing, intensifying pressure on domestic fuel pricing.
As a result, the refinery raised its petrol gantry price from ₦1,200 to ₦1,275 per litre, while coastal supply prices rose to ₦1,215 per litre, according to data from Petroleumprice.ng.
Diesel prices were also adjusted upward to ₦1,800 per litre from ₦1,750.
Sources indicated that the refinery has suspended loading operations, with the halt in diesel allocations and issuance of Proforma Invoices (PFI) taking effect around midnight on Wednesday.
Market checks showed rising depot prices nationwide. In Lagos, diesel sold for between ₦1,950 and ₦1,980 per litre. In Calabar, prices reached ₦1,985, while Warri and Port Harcourt recorded up to ₦1,950 and ₦2,050 per litre respectively.
Global oil markets remained bullish on Thursday, with Brent trading near $124.9 per barrel and West Texas Intermediate (WTI) at $109.2, driven by supply concerns and geopolitical tensions, particularly around the Strait of Hormuz and restrictions on Iranian crude exports.
Analysts say the surge in crude prices, combined with the suspension of refinery loading operations, is exerting immediate pressure on Nigeria’s downstream petroleum market.
With Nigeria reliant on imported refined products, higher crude prices are expected to raise landing and replacement costs, prompting further depot and pump price increases.
Industry stakeholders warn that sustained price hikes could impact transportation costs, airfares, and overall inflation, urging consumers and businesses to prepare for continued volatility in the petroleum market.
