₦airaland Forum

Dangote Refinery has effected another upward price adjustment, raising its ex-depot price of Premium Motor Spirit to N1,350 per litre.

The latest adjustment, confirmed on Wednesday by a senior official of Dangote Refinery and pricing platform Petroleumprice.ng, represents a N75 increase from the previous N1,275 per litre, reinforcing a pattern of frequent price recalibrations that has defined the market in recent weeks.

The official said the new gantry price has been implemented across all loading channels, forcing marketers to immediately adjust their pricing templates amid tight supply conditions and shifting cost realities.

A senior official familiar with the development said, “The new pricing template has been activated across the board. All loading points have been updated, and marketers are already responding by adjusting their depot prices. This is not an isolated change; it reflects prevailing supply and cost pressures in the system.”

The price increase comes barely a week after Dangote Refinery raised its ex-depot price from N1,200 to N1,275 per litre, highlighting the rapid pace of adjustments in the downstream market and the refinery’s growing influence on domestic fuel pricing.

It is also the second N75 increase within seven days.

Despite these upward revisions, a senior management official of the Dangote Group recently revealed that the Dangote Petroleum Refinery has been subsidising the petrol and diesel it sells to the Nigerian market.

The fresh increase also comes against the backdrop of a temporary halt in the issuance of pro forma invoices earlier this week, a development that market players say further constrained product availability and intensified upward price movements across the downstream value chain.

“The suspension of PFI created a short-term supply squeeze,” the official added. “When you combine that with international crude price movements and logistics costs, it becomes inevitable that depot prices will adjust upward. What we are seeing is a direct market response to those realities.”

Within the past month, Dangote Refinery has adjusted its petrol prices multiple times, reflecting changes in crude sourcing costs, foreign exchange pressures, and domestic distribution dynamics.

The hike underscores a broader trend of sustained price volatility linked to the refinery’s evolving pricing strategy since it began dominating local supply.

It had earlier reduced prices slightly in response to competition and inventory build-up, only to reverse course as supply tightened and global oil prices firmed.

The frequent price movements signal a transition phase in Nigeria’s deregulated fuel market, where domestic refining is beginning to replace imports but is still exposed to international cost variables.

The increase is expected to cascade into higher pump prices across the country, as marketers pass on the additional costs to consumers already grappling with inflation and high transportation expenses.

For millions of Nigerians, however, the immediate concern remains the impact on daily living costs, as another petrol price hike threatens to push transportation fares and commodity prices even higher.

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/

Dogalmighty17:
I have been sounding this warning for a while now. Even if the US war with Iran ends today, nothing will save us from the disaster ahead. The damage is done. I'll tell you why.

In the next couple of weeks, all strategic crude reserves countries have been using to cushion the shock of the Iranian war, will dry up. No crude laden ship has passed the strait of Hormuz in weeks. No ship has passed the strait to go and reload crude. These ships travel at the speed of a bicycle so it will take them several weeks to arrive at their desired ports. Meanwhile, countries don't have crude to refine! This is when serious sh!t will hit the fan.

As at now, farmers in the US are beginning to feel the pinch as fertiliser is becoming hard to get and diesel is climbing through the roof. Worldwide, countries will begin to panic. The last time we experienced something like this in the global economy was in 1978. The US tried messing with Iran and Iran pushed their sh!t back in. Every US president has avoided Iran since then until the current caricature in the white house.

Iran has all the cards and will make sure the US suffers a very painful lesson from this. Already the US is begging other countries to help it open the Iranian strait. But which country wants to risk that? America broke it, America bought it.

DeShineShine:
When Dongote gets to N2,000 per litre, Nigerians will stay at home to be working.

Ebinpawo1:
Where are the importers?
Have they left the business for only Dangote ?

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

Ovieemmanuel:
wait bros i dont understand. Nigeria daily crude production is high so why all this?

Bimpe29:
No matter how expensive it will be, God Almighty would make it easy for us to cope.

Ovieemmanuel:
wait bros i dont understand. Nigeria daily crude production is high so why all this?

Kennitrust:
This is the sole reason he was fighting for Monopoly so that whenever he dream bad dream, he will just wakeup and increase the price of ⛽ fuel.



One private citizen controlled the economy of the whole country. hmmm!

Iran2025:
Tinubu where's our fuel subsidy money?

Kennitrust:
This is the sole reason he was fighting for Monopoly so that whenever he dream bad dream, he will just wakeup and increase the price of ⛽ fuel.



One private citizen controlled the economy of the whole country. hmmm!

Bimpe29:
No matter how expensive it will be, God Almighty would make it easy for us to cope.

Kennitrust:
This is the sole reason he was fighting for Monopoly so that whenever he dream bad dream, he will just wakeup and increase the price of ⛽ fuel.



One private citizen controlled the economy of the whole country. hmmm!

Kennitrust:
This is the sole reason he was fighting for Monopoly so that whenever he dream bad dream, he will just wakeup and increase the price of ⛽ fuel.



One private citizen controlled the economy of the whole country. hmmm!

PlasmaTV:
Lol 😂
Dangote no really send Nigerians like that. He's a monopolist and a capitalist.

It's up to Nigerians to sit up. And for the govt to build a running refinery.

Dogalmighty17:
I have been sounding this warning for a while now. Even if the US war with Iran ends today, nothing will save us from the disaster ahead. The damage is done. I'll tell you why.

In the next couple of weeks, all strategic crude reserves countries have been using to cushion the shock of the Iranian war, will dry up. No crude laden ship has passed the strait of Hormuz in weeks. No ship has passed the strait to go and reload crude. These ships travel at the speed of a bicycle so it will take them several weeks to arrive at their desired ports. Meanwhile, countries don't have crude to refine! This is when serious sh!t will hit the fan.

As at now, farmers in the US are beginning to feel the pinch as fertiliser is becoming hard to get and diesel is climbing through the roof. Worldwide, countries will begin to panic. The last time we experienced something like this in the global economy was in 1978. The US tried messing with Iran and Iran pushed their sh!t back in. Every US president has avoided Iran since then until the current caricature in the white house.

Iran has all the cards and will make sure the US suffers a very painful lesson from this. Already the US is begging other countries to help it open the Iranian strait. But which country wants to risk that? America broke it, America bought it.