₦airaland Forum

The Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit to N1,175 per litre, reversing an earlier reduction of N100 announced earlier in the week, as a fresh surge in global crude oil prices pushes up refining costs.

A senior official who spoke with our correspondent anonymously because he was not authorised to speak, confirmed on Friday that the refinery adjusted the price upward after briefly reducing the ex-depot price to N1,075 per litre on March 10, 2026, a move that had triggered increased buying activity among depot operators.

The official confirmed the latest adjustment during a telephone conversation.

“Yes, it is true,” the official said when asked about the upward price review.

Checks on Petroleumprice.ng also confirmed the development, indicating that the price revision had disrupted trading activities across several petroleum depots.

According to market sources quoted by the platform, the sudden upward adjustment prompted depot operators in multiple hubs to temporarily suspend sales as they awaited clarity on the new pricing structure.

“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the development said.

Similarly, loading operations at the refinery were also temporarily suspended to allow for stock reconciliation and alignment with the new pricing framework.

A refinery source explained that the decision was largely driven by rising global crude prices, which directly affect refining costs.

“The revision reflects the surge in global crude oil prices. Brent crude moved from around $91 per barrel to about $100 per barrel, and that increase feeds directly into the cost of refining,” the source said.

PUNCH Online reports that global oil prices have risen sharply in recent hours following escalating tensions in the Middle East involving the United States, Iran and Israel.

The geopolitical crisis has heightened fears of disruptions to global crude supply, particularly around the strategic Strait of Hormuz, one of the world’s most critical oil transit routes through which roughly 20 per cent of global oil shipments pass daily.

Concerns about possible disruptions in the chokepoint have pushed global oil benchmarks higher, with Brent crude trading above $100 per barrel during the week.

Nigeria’s flagship crude grade, Bonny Light, also surged above the psychological $100 per barrel threshold amid the volatility in global energy markets.

The rally reflects a growing “war premium” in global oil prices as traders factor in the risk of supply disruptions in the Middle East.

At the peak of the market rally earlier in the week, Nigerian crude prices briefly climbed to about $120 per barrel before easing to around $100 per barrel as markets entered a consolidation phase.

Aonkuuse:
Ok lets blame Tinubu and praise US/Israel for a needless war

CaseSensitive:
The United Nations: USA chose war over peace

Colombia: This is an illegal war

Spain: We have declined USA access to our airbase

Human Rights Watch: USA bombed and murdered 160 school girls in a missile strike

China: USA killed a sovereign leader

Italy: This war violates international law

Russia: This is a preplanned unprovoked aggression

Norway: We oppose escalation

Pakistan: This is a violation of international law

Indonesia: We are withdrawing our Board of Peace membership due to USA military attacks and escalation.

Zionist Nigerians & Deputy American association of Nigeria: America na your mate? America dey give ayatollah wotowoto. America is sending the ayatollah terrorist to their 72 virgins hahaha.

Me: Who told you Iran is a terrorist state?

Deputy American Associations of Nigeria: BBC, CNN, UK, USA!

Me: Ok, but who have they attacked? Nigeria?

Zionist Nigerians: YES! they sponsor terrorism in Nigeria!

Me: Who told you that? You have any proof? I thought USA said it's China sponsoring terrorism in Nigeria?

Deputy American Associations of Nigeria: America said it, so I don't need proof. Whatever they say is the truth. China and Iran are both sponsoring terrorism in Nigeria. Oh and Russia too!

Me: How much did you buy a litre of diesel last week?

Zionist Nigerians - ₦945

Me: How much did you buy diesel today?

Deputy American Associations of Nigeria: ₦1620

Me: Wow why’s that?

Zionist Nigerian: TINUBU!!!!!

Me: (Laughs in inflation) Bunch of ode oponu afofungbemu akindanidani.

yinkus6750:
Why going back and forth every time.
Add what you want to add, the removal of the N100 didn't reflect in pump price. It's your cash out season, since the government cannot take the bull by the horn.
The masses will always survive.

chiefolododo:
Are we really an oil producing nation?

CuteTj:
Add what you want to add... The addition is brought about by oil price in on in the international market and definitely not his fault. There is nothing any government can do except they go back to subsidy era and no government onward will do that.
Where I am, the prices rise daily and today seems to be the most expensive I have witnessed. I barely have fuel in my car and the thought of buying at these prices is giving me headache.

treesun:
https://punchng.com/dangote-refinery-raises-petrol-price-to-n1175-litre-as-crude-spikes/

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/