Dangote Refinery has raised its ex‑depot price for Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) following a sharp increase in international crude oil prices.
Brent crude rose from $105 per barrel on Monday to $118 on Wednesday, prompting the refinery to lift its petrol gantry price from N1,200 to N1,275 per litre. Coastal supply prices also increased to N1,215 per litre. Diesel was raised to N1,800 per litre, up from N1,750, after the refinery suspended loading operations at its facility.
The suspension of loading and the issuance of a Proforma Invoice (PFI) took effect around midnight on Wednesday, halting diesel allocations to marketers. Market checks showed higher closing‑hour prices at major depots nationwide. In Lagos, Swift and Duport sold diesel at N1,980 per litre, while TMDK priced it at N1,950. In Calabar, Northwest depot quoted N1,985; Warri’s First Fortune sold at N1,950; and Port Harcourt’s Matrix depot listed N2,050 per litre.
Internationally, Brent crude was trading at $124.90 per barrel (+5.82 %), while West Texas Intermediate (WTI) stood at $109.20 per barrel (+2.18 %). The rally is linked to renewed tensions in the Middle East, especially around the Strait of Hormuz, and tighter restrictions on Iranian crude exports, which have constrained global supply.
Industry operators say the combination of higher global oil prices and the loading suspension is creating immediate pricing pressure in Nigeria’s downstream market. The higher crude price raises the cost of importing refined products such as petrol, diesel and aviation turbine fuel, increasing landing costs and replacement costs for downstream marketers.
Analysts warn that further depot price hikes are likely if crude prices remain elevated, with potential spill‑over effects on pump prices, transport costs, airfares and inflation. Stakeholders are advised to monitor global supply developments closely, as any easing of tensions could moderate the upward price trajectory.
The price adjustments underscore the sensitivity of Nigeria’s fuel market to fluctuations in international crude prices and highlight the immediate impact of global supply‑chain disruptions on domestic consumers and businesses.
