Dangote Petroleum Refinery has raised its petrol price by N15 per litre. The new gantry price is now N1,200 per litre. The adjustment takes effect today, Wednesday, August 26. This latest hike comes only five days after another N20 increase. Dangote had raised the price from N1,165 to N1,185 on August 20. That means petrol has risen by N35 in just five days.
Interestingly, the latest increase comes as global crude prices are falling. Brent crude sold at $93.48 per barrel when Dangote announced its last hike. However, Brent has now dropped to about $88.48 per barrel. That represents a fall of roughly $5 per barrel. Reuters also reported a $3.74 drop on Tuesday. The decline followed new United States sanctions on Iran.
Despite the crude price drop, Dangote has increased its petrol price again. The refinery also raised its coastal PMS price to N1,582,380 per metric tonne. Previously, the price stood at N1,562,265. Meanwhile, petrol prices at some Lagos depots were already close to N1,200 per litre. A.A. Rano depot sold at N1,197 on Monday. African Terminal and Integrated depots quoted N1,195.
For marketers, the new price could trigger another round of adjustments. Dangote also asked customers to return existing Automated Truck Loading tickets. New volume contracts will be issued under the revised prices. The move could soon affect depot prices and pump prices across Nigeria.
For now, motorists may need to brace for more pressure at the filling station. This comes as crude prices continue to move sharply in the global market.
