The Dangote Refinery has raised its ex-depot price for Premium Motor Spirit (PMS) by N75 per litre, heightening fears of another wave of fuel price increases nationwide. The refinery also suspended product sales following a disruption in its Proforma Invoice (PFI) process.
Information from Petroleumprice.ng, along with confirmation from a refinery official on Wednesday, showed that the loading price of petrol was adjusted from N1,200 to N1,275 per litre, while coastal supply prices rose to N1,215 per litre.
The change, which comes amid operational adjustments, is already unsettling the downstream oil market.
Confirming the development, an official said, “Yes, PMS has been increased to N1,275 per litre. The coastal price is now N1,215.”
A source with knowledge of the situation revealed that the refinery halted its Proforma Invoice processing around 4:00 pm on Tuesday, disrupting the usual supply scheduling within its loading operations.
This suspension, according to sources, resulted in an immediate pause in the sale of both petrol and Automotive Gas Oil (diesel).
The price increase and temporary halt in sales have sparked swift reactions among marketers and traders, many of whom are now preparing for higher depot prices and a potential rise in pump prices across the country.
Industry operators noted that such disruptions typically lead to increased logistics and distribution costs, further driving up prices throughout the supply chain.
This development comes amid a rise in global crude oil prices, which has significantly pushed up the cost of feedstock for refiners.
As of 10:35 am (WAT), Brent crude was trading at $114.80 per barrel, up by 3.15 per cent, while West Texas Intermediate (WTI) stood at $103.40 per barrel, reflecting a 3.49 per cent increase.
The surge in global oil prices has been linked to escalating geopolitical tensions around the Strait of Hormuz, a key route for global oil shipments. The increase in crude prices has raised replacement costs for refiners, prompting upward adjustments in the prices of refined petroleum products.
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