The retail price of Premium Motor Spirit (PMS), otherwise known as petrol or fuel, has climbed to between N1,030 and N1,150 per litre following the recent adjustment in former depot prices by Dangote Petrochemical Refinery.
Saturday Telegraph had on Friday reported that the Dangote refinery notified its customers of a price increase, raising the ex-depot rate from N899 per litre to N955 per litre.
According to the statement, Customers purchasing between 2 million and 4.99 million litres now pay N955 per litre, while those buying 5 million litres or more are charged N950 per litre.
This adjustment reflects a N55 or 6.17% increase from the previous discounted rate of N899.50, which was introduced in December 2024.
The hike has sparked varying retail price increases across fuel stations nationwide, with some locations already reporting prices exceeding N1,100 per litre.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that petrol prices are likely to surpass N1,100 per litre at member stations.
He attributed the increase to rising logistics costs, which add approximately N50 per litre to the ex-depot price.
“Commuters in distant locations may pay over N1,150 per litre, while those closer to depots might pay N1,100.
“The rise in crude oil prices has made this adjustment inevitable,” Ukadike stated.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), noted that while the exact retail price remains uncertain, higher costs are unavoidable due to logistics and operational expenses.
In Abuja, filling stations have already implemented at least a N50 increase, while outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) are maintaining a price of N965 per litre as of Friday evening.
The sudden increase in ex-depot prices by Dangote Refinery and other depot owners is expected to compound challenges for Nigerian commuters, who now face higher transportation and living costs.
The situation highlights the direct impact of global crude oil price fluctuations on local fuel pricing.
Further adjustments in retail prices are anticipated as marketers recalibrate their pricing strategies to reflect the updated ex-depot rates.
