Dangote Increases Price Of Petrol By ₦85 Per Litre

Dangote Petroleum Refinery has raised the gantry price of its Premium Motor Spirit (PMS), popularly known as petrol, by ₦85 per litre.

Naija News reports that the increase raises the price per litre of petrol from ₦1,265 to ₦1,350, a 6.7 per cent increase.

According to information obtained from Petroleumprice.ng, the new price comes amid a sharp rise in international crude oil prices and higher petroleum product replacement costs, with PMS landing cost now at ₦1,311 per litre.

The latest adjustment puts Dangote’s ex-gantry price above the current landing-cost benchmark.

The increase reverses the refinery’s earlier decision to hold its Lagos PMS price, as rising crude prices and replacement costs have intensified pressure across the downstream market.

Depot marketers across the country have also been selling at higher prices in anticipation of the increase, with marketers adjusting their positions as the cost of replenishing existing stocks rises.

The ₦1,350 per litre gantry price now becomes Dangote Refinery’s latest wholesale reference point, leaving depot owners and marketers to reassess their selling positions.

Meanwhile, former Vice President Atiku Abubakar said Dangote Refinery’s warning about government-imposed petrol prices has vindicated his proposal for a production-based fuel subsidy.

Atiku explained that his proposal was not about compelling refineries to sell their fuel at a loss, but about reducing the cost of crude feedstock supplied to qualifying Nigerian refineries.

Naija News reports that Atiku made the statement through his Senior Special Assistant on Public Communication, Phrank Shaibu, on Friday.

“Dangote raised a legitimate business concern. The Presidency turned it into a campaign of fear.

“We are restoring subsidy through a production subsidy model, not an import subsidy model,” he said.