Dangote Refinery has increased its ex-depot price of petrol from N1,200 to N1,275 per litre, a seventy-five naira jump, according to a company official on Wednesday. The coastal supply price has also risen to N1,215 per litre. The increase comes as global crude oil prices surge above $114 per barrel due to geopolitical tensions around the Strait of Hormuz. The refinery had temporarily suspended product sales on Tuesday evening due to a technical disruption in its proforma invoice entry process, which halted loading schedules for petrol and diesel.
Key Points
- Nigerian consumers face higher pump prices as the N75 increase passes downstream.
- Global crude oil prices above $114 per barrel drive domestic petrol costs upward.
- Marketers now buy at N1,275, with retail prices expected to follow suit immediately.
- Temporary suspension of sales on Tuesday added logistics costs to the supply chain.
- The refinery passes crude oil replacement costs directly to Nigerian consumers.
Watch how retail pump prices adjust nationwide and whether the Federal Government intervenes to moderate the impact on consumers.
Sources:Daily Trust
