Nigeria’s fuel market is facing renewed pressure after Dangote Refinery raised its ex-depot price of petrol to ₦1,350 per liter, marking another sharp increase within days.
The adjustment reflects changes in supply and manufacturing expenses and represents a ₦75 increase over the prior rate.
Industry sources confirm that the new pricing has gone into effect at all loading sites, thereby prompting marketers to adjust their retail and depot rates nearly instantaneously. The change comes after an increase from ₦1,200 to ₦1,275 per liter earlier this week, therefore making it the second upward reassessment in only one week.
The News Chronicle reports that the most recent increase comes amid rising operational expenses and limited product availability, including logistics and crude sourcing. A brief delay in releasing supply documentation earlier this week also contributed to short-term shortages and increased price pressure throughout the downstream industry.
Insiders claim that the refinery has kept up some of the cost burden despite the increases, suggesting prices could have risen much further under present market conditions. The reality for consumers, however, remains difficult, as rising depot prices are projected to lead to higher pump prices across the board.
As fuel prices continue to reverberate throughout the economy, many Nigerians, already experiencing budgetary constraints due to inflation, now prepare for yet another cycle of increases in transportation rates and basic commodity prices.
