Dangote Refinery Raises Petrol Price by N85 Amid Crude Surge

Dangote Refinery has raised the price of petrol by N85, resulting in a new ex-gantry price of N1,350 per litre, which represents a 6.7% increase. This adjustment is attributed to a significant rise in international crude oil prices and increased costs for replacing petroleum products.

The current landing cost of Premium Motor Spirit (PMS) has reached N1,311 per litre, indicating that the new price exceeds the prevailing landing-cost benchmark. This increase is expected to exert additional pressure on downstream operators, potentially prompting further adjustments in petrol prices across the market as marketers reassess their stock replenishment costs.

Consequently, motorists may encounter higher prices at filling stations, exacerbating the financial burden on households and businesses reliant on petrol for transportation and power generation. Reports indicate that fuel prices in the northern regions range from N1,310 to N1,400 per litre, suggesting that the latest price hike could compel fuel stations to raise their pump prices.