Barely hours after adjusting its rates, the Dangote Petroleum Refinery has again increased the ex-depot price of Premium Motor Spirit (petrol) to N1,275 per litre, deepening concerns over price instability in Nigeria’s deregulated downstream sector.
The latest hike marks a N100 increase from the N1,175 per litre recorded earlier in March, an 8.5 per cent jump and also represents a N30 rise from the N1,245 per litre announced just hours before on Friday night.
In a notice to marketers, the refinery indicated that its earlier price template had been withdrawn, signalling rapid adjustments in response to prevailing market dynamics.
The upward review extends beyond depot prices. The refinery also raised its coastal price from N1,512,648 per metric tonne to N1,646,748 per metric tonne, an increase of N134,100, or 8.9 per cent.
For consumers and businesses alike, the implications are immediate, as higher depot prices often translate to increased pump prices, further squeezing household incomes and operational costs.
