Another Increase Sees Dangote Fuel Price Reach N1,245
By Wellington Jopelo
Nigeria’s fuel market has recorded another price shift as the Dangote Petroleum Refinery increased the cost of fuel.
Details from a communication sent to industry marketers show that the refinery raised its ex-depot price to N1,245 per litre from the previous N1,175.
The adjustment also affected coastal supply rates, which were reviewed upward in line with current market conditions.
This is the fourth upward review of petrol prices by the refinery within March, reflecting a steady rise over the past weeks.
At the start of the month, PMS sold at around N774 before moving to N875, then N995, and later N1,175, eventually reaching the new figure.
The refinery linked the decision to growing instability in the global oil market, particularly tensions affecting major crude-producing regions.
It noted that the cost of crude and shipping has continued to climb, forcing adjustments in local pricing.
Under the new structure, the gantry price rose by N70 per litre, while the coastal rate increased to over N1.6 million per metric tonne.
The revised prices became effective from midnight on March 21, according to the notice.
However, marketers with valid bank-backed supply arrangements may still access products under earlier approved terms, subject to coverage of the price gap.
The refinery explained that any difference created by the new pricing would be charged to marketers and settled within the stipulated timeframe.
Analysts expect the development to trigger another round of pump price increases nationwide as operators adjust to the higher costs.
The situation underscores how international oil market fluctuations continue to influence domestic fuel pricing despite local refining capacity.