Dangote Petrol Price Hike Nears N1,300/L in Nigeria

The Dangote Refinery has raised the ex-depot price of Premium Motor Spirit (PMS) by N65 per litre, resulting in depot prices nearing N1,300 per litre across Nigeria. Fuel marketers have adjusted their prices accordingly, with major suppliers like Optima pricing PMS at N1,274 per litre and Soroman at N1,268 per litre.

The Nigerian National Petroleum Company Limited (NNPC) outlets have reportedly increased prices by up to N75 per litre. Analysts, including Osas Igho, have criticized the price hikes, questioning the lack of correlation between crude oil prices and the rising petrol costs.

The refinery attributed the price increase to earlier crude oil purchases when Brent crude was above $95 per barrel. Since August, the refinery has raised its PMS price by N365 per litre, prompting concerns about the impact on households and businesses, as higher fuel costs typically affect transportation and logistics, potentially leading to increased prices for goods and services.