Dangote Refinery has increased its petrol ex-depot price by ₦75, raising it from ₦1,200 per litre to ₦1,275 per litre, while coastal price has risen to ₦1,215 per litre. The refinery also suspended sales following the reported halt of its Proforma Invoice (PFI) entry yesterday.
Market sources told Petroleumprice.ng that the suspension of the Proforma Invoice (PFI) took place yesterday around 4:00 pm, disrupting normal supply scheduling across the loading system. According to the source, PMS and AGO sales were suspended with immediate effect, a development already expected to influence depot and retail pricing across Nigeria.
The disruption has triggered a rapid adjustment in the downstream market, with traders and marketers bracing for immediate changes in depot transactions and potential knock-on effects on pump prices in the coming days. Industry operators say such interruptions typically feed quickly into distribution costs, especially in a tight supply environment.
As at the time of writing 10:35 am (WAT), Brent crude was trading at $114.80 per barrel, up 3.15 per cent, while West Texas Intermediate (WTI) crude stood at $103.40 per barrel, a gain of 3.49 per cent. The rally in global oil prices, driven by heightened tensions around the Strait of Hormuz, has significantly increased crude replacement costs. This sharp rise in international benchmarks is a key factor behind Dangote Refinery's upward price review, as higher feedstock costs continue to exert pressure on domestic petroleum product pricing.
Sources also indicate that an increase in Automotive Gas Oil (AGO) price is expected to follow soon, as the market continues to adjust to the latest operational changes at the refinery.
More updates to follow as the situation develops.