Dangote Increases Petrol Price, Nigerians May Pay N1,000 per Litre
- Dangote Petroleum Refinery has increased the gantry price of petrol to N874 per litre
- The new rate is expected to push retail pump prices to between N980 and over N1,000 per litre nationwide
- The hike comes amid rising crude oil prices above $80 per barrel following war between US, Israel and Iran
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The price of Premium Motor Spirit (PMS), commonly known as petrol, at retail pump stations across Nigeria may soon rise to between N980 and over N1,000 per litre.
The changes is expected following a fresh increase in the gantry price by the Dangote Petroleum Refinery and changes in global oil market due to joint military attack against Iran by Israel and the United States in the region.
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Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) who gave the new retail price projection said it is due to hike in global crude oil prices, Punch reports.
He said:
“Following the increase by Dangote, the pump price will likely range between N980 and over N1,000 per litre, depending on location and logistics. This is largely the effect of the recent hike in global crude oil prices."
New petrol price at Dangote refinery
On Monday, senior official at the refinery said the adjustment was necessary due to volatility in the international crude market.
The official noted:
“Yes, the price has been reviewed. The new gantry price is now N874 per litre, up from N774. The review became necessary due to changes in global crude fundamentals and replacement costs."
The price change has been reflected across the downstream value chain, according to a notice to marketers, the refinery stated:
“Dear Valued Customer, we are pleased to inform you that PMS is currently available for purchase. Please be informed that the current price is N874 per litre. Thank you for choosing Dangote.”
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Speeaking to Legit.ng on the price changes and what to expect Olatide Jeremiah, CEO petroleumprice.ng said:
"Pump prices for petrol and diesel will hit N1000/L and N1100/L respectively. Dangote Refinery and Depot owners are considering replacement costs as crude oil prices might continue to spike.
The only way to mitigate fuel prices being at the mercy of oil price is our local refineries should be given full priority to Nigerian crude, if not, oil shocks will keep influencing our local prices and markets"
NIPCO rolls out 20 new CNG stations
Earlier, Legit.ng reportd that NIPCO Gas Limited has announced plans to roll out 20 additional Compressed Natural Gas (CNG) stations nationwide, offering CNG at N380 per standard cubic metre.
Speaking at a media engagement in Lagos, the Managing Director, Nagendra Verma, outlined an aggressive expansion strategy covering pipeline infrastructure, city gas distribution networks and a nationwide CNG rollout.
He described natural gas as central to Nigeria’s energy security, industrial competitiveness and macroeconomic stability in the post-subsidy era.
Source: Legit.ng
