Dangote Refinery has revised its ex-depot prices for the fourth time since March 2, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.
The new pricing template has been communicated to marketers, following earlier adjustments this month. The latest revision marks the fourth consecutive price review in less than two weeks, highlighting ongoing pressure on Nigeria’s downstream sector amid global market volatility.
The development follows suspension of petrol loading operations and restricted truck-out activities, which had triggered speculation across the downstream market about an impending price review.
In less than two weeks, the refinery has increased the pump price of gasoline three times from N830 to N1,070, and now the new rate.
Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.
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Market participants say the refinery’s pricing adjustments often influence depot pricing across major distribution hubs, with marketers expected to recalibrate their positions following the new gantry rates.
The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.
At the peak of the surge, crude prices climbed close to $117 per barrel, marking one of the sharpest daily increases in recent history. At the time of writing 6:40 (AM) West Texas Intermediate (WTI) dropped to $108.10, down 18.91 percent, while Brent crude declined $111.10, fell 19.84 percent.
