The Dangote Refinery has again increased the ex-depot price of Premium Motor Spirit, moving it up to N1,350 per litre.
It was gathered that the latest adjustment was confirmed on Wednesday by a senior official of the refinery and pricing platform Petroleumprice.ng.
The new price marks a N75 jump from the previous B1,275 per litre. It is the second increase of the same margin within a week. The development continues a series of rapid price changes that have shaped the downstream fuel market in recent days.
According to officials, the updated gantry price has already been activated across all loading points. This means marketers are now operating under the new template and adjusting their depot prices in response.
A senior official explained that the change reflects current supply realities and cost pressures in the system.
He said, “The new pricing template has been activated across the board. All loading points have been updated, and marketers are already responding by adjusting their depot prices. This is not an isolated change; it reflects prevailing supply and cost pressures in the system.”
The increase comes less than a week after the refinery moved its ex-depot price from N1,200 to N1,275 per litre. That earlier adjustment had already triggered widespread price reviews among fuel marketers nationwide.
Interestingly, this latest hike comes even as a senior official of the Dangote Group recently stated that the refinery has been subsidising petrol and diesel supplied to the Nigerian market.
Market sources also linked the latest adjustment to a temporary suspension in the issuance of pro forma invoices earlier in the week. Traders say the development affected product availability and added pressure on pricing across depots.
“The suspension of PFI created a short-term supply squeeze,” the official added. “When you combine that with international crude price movements and logistics costs, it becomes inevitable that depot prices will adjust upward. What we are seeing is a direct market response to those realities.”
In recent weeks, the refinery has recorded multiple price reviews, driven by changes in crude costs, exchange rate pressures, and distribution expenses. The shifts reflect the realities of operating in a deregulated market where local refining is increasingly tied to global oil trends.
There had been brief price relief earlier when competition and stock levels pushed prices down slightly. However, that trend quickly reversed as supply tightened and crude prices firmed internationally.
The latest increase is expected to push pump prices higher across filling stations nationwide. Marketers are likely to transfer the added cost to consumers already dealing with inflation and rising transport fares.
For many Nigerians, the development adds fresh pressure on daily living costs. Transportation expenses and prices of goods may rise further in the coming days as the market adjusts to the new ex-depot rate.
