Dangote hikes petrol price to N995 per litre

Dangote Petroleum Refinery Friday , raised its Premium Motor Spirit (petrol) gantry price to N995 per litre, representing a N221 increase within four days. The price had earlier moved from N774 to N874 per litre earlier in the week before the latest adjustment.
The industry linked the hike to volatility in the global oil market and rising shipping costs following tensions in the Middle East

. Officials of the refinery explained that the new price reflects the realities of the deregulated downstream petroleum sector where fuel prices are largely determined by international crude oil prices, foreign exchange rates and supply dynamics.
The development is expected to push retail pump prices above N1,050 per litre in several parts of the country as marketers factor in transportation costs and profit margins.

Petroleum marketers also confirmed that petrol loading operations at the refinery were briefly suspended in the early hours of Friday, a move that usually precedes a price adjustment. The suspension left depot owners and bulk buyers uncertain before the new price was announceata from the Major Energies Marketers Association of Nigeria indicated that imported petrol may currently be slightly cheaper than locally refined products. The association noted that while Dangote petrol was previously priced at N874 pxer litre, the landing cost of imported petrol stood at about N809.37 per litre.
Despite the increase, the refinery maintained that it is absorbing part of the rising production costs to reduce the impact on . The company also assured that it would continue to prioritise domestic supply to shield the country from global fuel shortages.