Fuel Price Frenzy: Dangote Refinery’s New Rate Sparks National Uproar

Fuel Price Frenzy: Dangote Refinery’s New Rate Sparks National Uproar

The price of petrol has skyrocketed to between ₦1,050 and ₦1,150 per litre across Nigeria, following a price hike at the Dangote Petrochemical Refinery. The refinery recently increased its ex-depot price from ₦899 to ₦955 per litre, signaling…Fuel Price Frenzy: Dangote Refinery’s New Rate Sparks National Uproar

a 6.17% surge.

In a statement to customers, the Dangote Refinery disclosed that buyers purchasing between 2 million and 4.99 million litres would pay ₦955 per litre, while those buying 5 million litres or more would pay ₦950. This adjustment comes on the heels of rising global crude oil prices, a critical factor in petrol production.

Depot Prices Rise Nationwide
Despite holding old stock, private depots have also raised their loading prices. In Lagos, prices hit ₦970, while depots in Calabar are selling at ₦1,000 per litre. Sahara Depot, Pinnacle Depot, and others have all increased their rates, further driving up costs for consumers.

For instance:

• Sahara Depot: Increased to ₦970 from ₦950 per litre.
• Rainoil Depot: Raised prices to ₦970 from ₦950 per litre.
• Mainland Depots: Now charge ₦1,005 per litre, up from ₦985.

These price hikes have prompted oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) to project that pump prices could hit ₦1,150 per litre in the Federal Capital Territory and other remote areas.

Industry Experts React
IPMAN’s National Publicity Secretary, Chinedu Ukadike, attributed the increase to higher global crude oil prices.

“Dangote’s new price reflects the surge in Brent crude oil costs. Nigerians in distant regions may now pay over ₦1,150 per litre due to logistics costs,” he said.

Ukadike further explained that deregulation in the sector means domestic prices are dictated by global market forces. “The fluctuations in crude oil prices are having a ripple effect on production and distribution costs, impacting both consumers and marketers alike,” he added.

Fuel Marketers Urge Calm
Despite the challenges, fuel marketers are urging Nigerians to remain patient, emphasizing that these changes are tied to global trends and market realities.

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