Dangote Petroleum Refinery has resumed gantry loading of Premium Motor Spirit (PMS), also known as petrol, in naira after a one-week suspension, bringing an end to uncertainty in the downstream petroleum sector over its temporary shift to dollar-denominated sales.
Checks indicate that the refinery has fixed its new ex-depot (gantry) price at N1,215 per litre, representing an increase of N140 per litre, or 13.02 per cent, from the previous price of N1,075 per litre.
The latest price adjustment has been attributed to the sharp rise in global crude oil prices, which has significantly increased the cost of producing refined petroleum products, including petrol, diesel, and aviation fuel. The development has heightened concerns over a fresh round of fuel price increases in Nigeria and other oil-importing countries.
Market data on Wednesday showed that Brent crude, the international benchmark for Nigeria’s crude oil, rose by 3.18 per cent to $93.90 per barrel, while West Texas Intermediate (WTI) gained 2.74 per cent to trade at $86.65 per barrel.
The increase in the ex-depot price comes amid already rising domestic petrol prices, following recent upward reviews by major fuel suppliers. Industry stakeholders fear the latest adjustment could trigger another increase in pump prices at filling stations nationwide.
The resumption of naira-denominated truck loading is expected to improve product availability after recent supply disruptions caused by the temporary suspension of gantry operations.
Industry sources confirmed that petroleum marketers have been notified of the resumption, with truck loading expected to commence immediately under the revised naira pricing structure.
The refinery’s return to naira-denominated sales follows several days of uncertainty in the downstream petroleum market, during which many independent marketers were compelled to source products from private depots due to the suspension of gantry loading.
