By Tgnews Reporter
The Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦75, pushing the new rate to ₦1,350 per litre from ₦1,275.
The upward adjustment signals renewed pressure on Nigeria’s downstream petroleum market, with potential ripple effects on pump prices nationwide as marketers recalibrate retail rates.
Industry stakeholders say the price hike may be linked to prevailing market dynamics, including crude oil costs, foreign exchange volatility, and distribution logistics. Although the refinery has yet to issue a detailed breakdown for the increment, analysts note that such adjustments often reflect broader supply chain realities in a deregulated environment.
The development is expected to intensify concerns over the cost of living, as higher fuel prices typically translate into increased transportation fares and commodity prices across the country.
Marketers are anticipated to adjust pump prices in the coming days, depending on location and operational costs, potentially pushing retail petrol prices above current averages in major cities.
The Dangote Refinery, Africa’s largest, has been central to Nigeria’s efforts to achieve energy self-sufficiency and reduce dependence on imported refined products. However, price fluctuations continue to underscore the complexities of a liberalised fuel market.
Consumers and businesses alike now brace for the economic impact of the latest increase, as fuel remains a critical driver of inflation in Nigeria’s economy.
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