Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS) to ₦1,275 per litre, marking the fifth price hike this month.
The new rate, effective from midnight today, follows a recent jump from ₦1,175 to ₦1,245 per litre. The coastal supply price also rose from ₦1,512,648 to about ₦1,646,748 per metric tonne.
Dangote’s petrol price has surged repeatedly in March:
– Early March: ₦774–₦874 per litre
– Mid-March: Climbed to ₦995, then ₦1,175
– Latest: ₦1,245 to ₦1,275
This is a cumulative rise of about 64% in the month alone.
Retail pump prices are expected to exceed ₦1,300 per litre in many areas.
The refinery cited surging global crude oil prices, which have climbed above $100 per barrel and this is due to tensions involving the US, Israel, and Iran.
These events have disrupted supply expectations and pushed up freight and production costs for the refinery.
Dangote now prices petrol based on international replacement costs.
The repeated increases will further drive up transportation, food, and goods prices, worsening situations for millions already battling high inflation.
The situation remains fluid and tied to global oil markets.
Administrator and Writer
