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The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,175 per litre following a surge in global crude oil prices.
Industry sources said the price adjustment reflects the rising cost of crude oil in the international market, which directly affects the production cost of refined petroleum products. The refinery reportedly implemented the increase to align with prevailing global market conditions.
Reports indicate that crude oil prices have risen sharply in recent weeks, partly due to geopolitical tensions in the Middle East and increased global demand for energy products. The spike has pushed up the cost of refining and supplying petrol in many markets.
The refinery noted that the price hike represents a significant increase in the ex-depot rate, which is the price at which fuel marketers purchase petrol before transporting it to filling stations for retail sale.
Market analysts say the increase could lead to higher pump prices at filling stations across the country, depending on
distribution costs and marketers’ margins.
Despite the adjustment, industry observers say the refinery has continued to supply a substantial portion of Nigeria’s petrol demand, reducing the country’s reliance on fuel imports. The refinery has the capacity to produce hundreds of thousands of barrels of petroleum products daily, helping to strengthen local supply in the domestic market.
Energy experts note that fluctuations in crude oil prices will likely continue to influence fuel pricing in Nigeria, especially as the country increasingly depends on locally refined products from the Dangote facility.
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Oyetoke Adedayo Ebenezer
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