Dangote Petroleum Refinery has increased the price of Premium Motor Spirit, popularly known as petrol, from ₦1,265 to ₦1,350 per litre at its gantry.
The latest adjustment represents an ₦85 increase and a 6.7 per cent rise in the refinery’s wholesale price.
The increase comes amid a sharp rise in international crude oil prices and the cost of replacing petroleum products. Recent market data put the estimated landing cost of petrol at about ₦1,311 per litre, above Dangote’s previous gantry price of ₦1,265.
The new price is expected to put fresh pressure on depot and retail petrol prices as marketers adjust to the higher cost of obtaining products from the refinery.
However, the actual price motorists pay at filling stations may vary from one location and marketer to another, depending on factors including existing stock and operating costs.
The latest adjustment is another movement in Dangote Refinery’s petrol pricing in recent months, as the domestic fuel market continues to respond to changes in international crude prices and product replacement costs.
The development also comes as Dangote Refinery continues to expand its operations. The refinery, which currently has a capacity of 700,000 barrels per day, is planning to double its capacity to 1.4 million barrels per day by 2029.