The Dangote Refinery has announced a Dangote petrol price increase, raising the cost of Premium Motor Spirit (PMS) to N1,275 per litre.
The Dangote petrol price increase comes amid operational changes and rising global crude oil prices, sparking concerns about further fuel cost hikes nationwide.
Details of the Dangote petrol price increase
Data from industry sources confirmed the Dangote petrol price increase on Wednesday.
The refinery raised its ex-depot price from N1,200 to N1,275 per litre.
Coastal supply prices also increased to N1,215 per litre.
Supply disruption affects operations
The Dangote petrol price increase coincided with a temporary suspension of product sales.
Sources said the refinery halted its Proforma Invoice process, disrupting supply scheduling.
This led to a pause in the distribution of petrol and diesel products.
Marketers react to price hike
The Dangote petrol price increase has triggered reactions among marketers and traders.
Operators are preparing for higher depot costs and possible increases in pump prices.
They noted that supply disruptions often raise logistics and distribution expenses.
Global oil prices driving increase
The Dangote petrol price increase is linked to rising global crude oil prices.
Brent crude climbed above $114 per barrel, while U.S. crude also recorded gains.
The surge has been tied to tensions around the Strait of Hormuz, a key global oil supply route.
Impact on consumers and economy
The Dangote petrol price increase may lead to higher transport and living costs.
Industry experts warn that fuel price hikes often affect goods and services nationwide.
The situation is expected to put additional pressure on consumers.
