₦airaland Forum

The Dangote Refinery has increased its ex-depot price of Premium Motor Spirit by N75 per litre, deepening concerns over a fresh round of fuel price hikes across the country, as it also suspended product sales following a disruption in its Proforma Invoice process.

Price data obtained from Petroleumprice.ng and confirmation from a Dangote refinery official on Wednesday revealed that the refinery raised its petrol loading price from N1,200 per litre to N1,275 per litre, while coastal supply prices climbed to N1,215 per litre.

The development, which took effect amid operational adjustments, is already sending shockwaves through the downstream petroleum market.

The official confirmed the development, saying, “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.”

Another source familiar with the situation disclosed that the refinery halted its Proforma Invoice entry process at about 4:00 pm on Tuesday, effectively disrupting normal supply scheduling across its loading system.

The suspension, according to the sources, led to an immediate stoppage of both petrol and Automotive Gas Oil sales.

The suspension and price adjustment have triggered rapid reactions among traders and marketers, many of whom are now bracing for higher depot costs and a possible increase in pump prices nationwide.

Operators noted that such interruptions often translate quickly into higher logistics and distribution expenses, compounding pricing pressures along the value chain.

The development comes against the backdrop of rising global crude oil prices, which have significantly increased feedstock costs for refiners.

As of 10:35 am (WAT), Brent crude was trading at $114.80 per barrel, reflecting a 3.15 per cent increase, while West Texas Intermediate stood at $103.40 per barrel, up by 3.49 per cent.

The surge in international oil prices to heightened geopolitical tensions around the Strait of Hormuz, a critical global oil supply corridor. The spike in crude prices has raised replacement costs for refiners, forcing upward adjustments in refined product pricing.

Richtaiwo:
Dangote is a business man. Don't expect him to please you and displease himself

Richtaiwo:
Dangote is a business man Don't expect him to please you and displease himself

Richtaiwo:
Dangote is a business man. Don't expect him to please you and displease himself

ajepako:
We no send Dangote again!

I don drop car till further notice

Public transportation till price returns to normal

God punish Tinubu, Dangote, Iran , Isreal and USA

Richtaiwo:
Dangote is a business man. Don't expect him to please you and displease himself

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.


https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-price-goes-viral-amid-hike/



https://www.youtube.com/watch?v=4JH8CC_JdUA

anonimi:
What is Tinubu’s business since he is pleasing himself with failure to do what he promised and displeasing Nigerians with high petrol price

Richtaiwo:
This one will just enter any topic and typing off track.

anonimi:
Was that how Tinubu entered north-south zoning and went off track in 2015 by making Jonathan a one term president in favour of Buhari, thereby ending 16 years of PDP widespread prosperity built on deregulation and privatisation policies

neonly:
This life I can't kill my self everybody just they cash out on it citizens
Abeg since I dey use public bus now i been able to reduce cost of transport remaining power
Pls any body know the kind of inverter I fit get for 400k to 500k
Cause this country na HB country