Market News

Dangote Petroleum Refinery has revised its ex-depot prices for the fourth time since March 2, increasing the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, while Automotive Gas Oil (AGO), also known as diesel, has been raised to N1,620 per litre.

Industry sources confirmed that the new pricing template has been communicated to marketers, following multiple adjustments earlier this month.

The latest revision marked the fourth consecutive price review in less than two weeks, highlighting mounting pressure in Nigeria’s downstream petroleum market amid global oil price volatility.

The development came after the refinery temporarily suspended petrol loading operations and restricted truck-out activities, which had fuelled speculation among market participants about an imminent price adjustment.

Under the revised structure, the N1,175 per litre petrol price represents a sharp increase from the previous N995 per litre, while diesel has risen significantly from N1,430 per litre, reinforcing the upward trend in domestic fuel pricing.

The price adjustments coincided with a rally in international crude oil benchmarks. As of 1:00 pm WAT, Brent crude was trading at about $102.8 per barrel, up 10.9 percent, while West Texas Intermediate crude stood at around $101.0 per barrel, up 11.1 percent.

Market participants said pricing decisions by the Dangote refinery often set the tone for depot prices across major fuel distribution hubs in Nigeria. Marketers are therefore expected to adjust their pricing strategies in response to the new gantry rates.

Analysts warned that the development could trigger a ripple effect across the downstream sector, as depot operators and fuel marketers recalibrate supply costs in line with the revised prices announced by the country’s largest refining facility