The Dangote Refinery has resumed selling petrol after a brief halt, setting a new ex-depot price of ₦850 per litre—up from ₦820, marking a 3.66% increase—www.naijnaira.com reports.
This move comes after the refinery suspended petrol loading last week, instructing marketers to pause payments, which caused disruptions in downstream supply chains. According to industry data from petroleumprice.ng, the refinery’s decision has already influenced pricing strategies across various terminals.
Fuel marketers and retailers now face higher costs, with some private depots maintaining prices between ₦855 and ₦860 per litre in Lagos and other coastal areas. Meanwhile, terminals in Port Harcourt and Warri have slightly reduced their prices, even as the refinery’s hike has stirred speculation about further increases at the pump.
The refinery’s price adjustment aligns with rising global crude oil costs. Since about half of Dangote’s crude feedstock comes from the United States, fluctuations in international markets directly affect its pricing.
Despite the petrol price jump, Dangote still sells diesel at ₦990 per litre to bulk buyers, which remains competitive compared to the average ₦1,030 per litre at other depots.
Although Dangote Refinery was set to reduce Nigeria’s dependence on imported fuel when it opened in 2023, recent figures show imports still account for over 70% of the country’s petrol supply. The refinery only meets about 28% of demand, highlighting ongoing challenges in local production and price stability.
Industry experts warn that without a steady pricing framework and stronger domestic output, fuel price volatility will continue to impact consumers and market operators alike.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
