Dangote Raises Petrol Price to N1,265 in Nine Days

On August 29, 2023, Dangote Petroleum Refinery increased its Premium Motor Spirit (PMS) gantry price by N65, bringing it to N1,265 per litre. This adjustment marks the third increase in less than two weeks, following previous hikes from N1,165 to N1,185 on August 20, and then to N1,200 on August 25.

Collectively, these adjustments have raised the refinery's benchmark price by N100 per litre within nine days. As of August 28, depot prices tracked by Petroleumprice.ng had not yet incorporated this latest adjustment, with terminals such as Pinnacle, Bono, Integrated, and African Terminal selling at N1,201 per litre.

The anticipated next benchmark for the downstream market is N1,300 per litre, contingent on factors like existing inventories and transport costs. Rising international crude oil prices are further pressuring the market, with Brent crude prices increasing due to geopolitical tensions.

The immediate concern for consumers and filling station operators is how quickly the new gantry price will influence retail pump prices across Nigeria.