Dangote Refinery increases petrol gantry price to N1,350 per litre

Dangote Petroleum Refinery has raised its Premium Motor Spirit gantry price by N85 per litre to N1,350 per litre. This adjustment represents a 6.7 percent increase. The decision comes as rising crude oil costs put renewed pressure on Nigeria's downstream market. Brent crude, the benchmark for Nigeria's oil, was trading at about $107.86 per barrel. Earlier reports indicated it had climbed above $108. The sharp rise in crude prices increased the cost of replenishing petrol stocks. This placed pressure on refiners, importers, and depot operators to adjust selling positions. According to a note from Petroleumprice.ng, the new wholesale price takes the refinery's rate above the current petrol landing cost of N1,311.36 per litre. Depot marketers across the country have been selling at higher prices in anticipation of this increase. Rising replacement costs make it more expensive for businesses to replenish existing stocks. Market participants reporting similar replacement-cost concerns include areas such as Warri, Port Harcourt, and Calabar. Actual depot prices vary depending on supplier, stock position, and product availability.