Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) or petrol and Automotive Gas Oil (diesel) following a sharp upward movement tied to international crude market pressure.
From $105 per barrel on Monday, Brent crude jumped to $118 on Wednesday, and to $125 per barrel as of the time of filing this report.
As a result, the Dangote Petroleum Refinery jerked up its petrol gantry price from N1,200 to N1,275 per litre, while coastal supply prices climbed to N1,215 per litre, according to price data obtained from Petroleumprice.ng.
Diesel price has been increased to ₦1,800 per litre, up from ₦1,750, as the Refinery has also suspended loading operations at the facility, the report quoted sources, including those at the Refinery.
Suspension of loading and the Proforma Invoice (PFI) took effect around midnight Wednesday, halting diesel allocations to marketers.
Market checks show major depots across the nation sold at higher prices during closing hours on Wednesday.
In Lagos, Swift and Duport sold diesel at ₦1,980 per litre, while TMDK sold at ₦1,950 per litre. Depot data for Calabar shows Northwest depot sold at ₦1,985, while at Warri First Fortune dispensed at ₦1,950 per litre, and at Port Harcourt Matrix depot dispensed at ₦2,050 per litre.
The sharp upward movement is tied to international crude market pressure.
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