Dangote Raises Petrol Price, Fuel Stations Set for Adjustment
- Dangote Refinery has announced an increase in its ex-depot petrol prices despite a drop in crude oil prices
- The changes in prices are expected to be reflected at the pumps of filling stations lifting product from the refinery
- The Nigerian National Petroleum Company Limited has also made changes to its petrol pump prices
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (PMS), also known as petrol to N850 per litre.
The new price is a 3.66% or N30 increase from the previous price of N820 per litre quoted to marketers last week.
Source: Getty Images
Ex-depot price refers to the price at which a refinery sells petrol to marketers at the refinery's gate.
This price is a key factor in determining the final price consumers pay at the pump.
The price change, confirmed by Petroleumprice.ng, took effect as the refinery reopened for fuel loading.
Depots petrol prices
While Dangote increased its price, data showed that private depots across the country reduced their prices on Wednesday between N1 and N10 per litre.
Dangote Refinery raised its ex-depot petrol price to N850 per litre but remains the cheapest source for marketers and now falls within the range offered by importers.
In Lagos, Pinnacle, Aiteo, and MRS Tincan all trimmed their prices by N5, settling at N855 per litre. Sahara also reduced its rate marginally by N1 to N860, while NIPCO and Prudent maintained their prices at N860.
In Warri, Matrix held steady at N860, but other depots like Zamson and Parker dropped prices by N3, down to N859.
Meanwhile, the Port Harcourt region saw more notable adjustments. Matrix PH and Sigmund reduced prices by N5 to N875, while TSL and Ever dropped to N872, representing declines of N10 and N8, respectively. Masters also eased its price to N875, down by N4.
Some depots, including Zone 4, Fynefield, and Mainland, reflected minor adjustments of N2, hovering around N860–N862 per litre.
Source: Getty Images
Here are depots with low petrol prices
- Dangote: N850
- Pinnacle: N855
- Aiteo: N855
- MRS Tincan: N855
- Zamson: N859
- A&E: N859
- Parker: N859
- NIPCO Lagos: N860
- Matrix Warri: N860
- Prudent Lagos: N860
- Sahara: N860
- Menj: N860
- Zone 4: N860
- A.A Rano: N860
NNPC reverses petrol price hike
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has slashed the cost of Premium Motor Spirit (PMS), commonly known as petrol, at its retail stations in Lagos and Abuja.
Checks at NNPC stations showed that the petrol pump price in Lagos is now N875 per litre as of Wednesday morning.
Similarly, NNPC retail outlets in Abuja have reduced their price to N900 per litre, a N55 cut from the N955 per litre announced barely 48 hours ago.
The new price marked a reversal, barely two days after the rate was increased to reflect changes in global crude oil prices.
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Source: Legit.ng
