The ex-depot price of Premium Motor Spirit has been increased by Dangote Refinery to N1,350 per litre.

A top official from Dangote Refinery and the pricing platform Petroleumprice acknowledged the most recent change on Wednesday.ng, which is N75 more than the previous N1,275 per litre, supports the market's current trend of regular price adjustments.

According to the official, the new gantry price has been applied to all loading routes, compelling marketers to promptly modify their pricing templates in the face of limited availability and changing cost realities.

A senior official familiar with the development said, “The new pricing template has been activated across the board. All loading points have been updated, and marketers are already responding by adjusting their depot prices. This is not an isolated change; it reflects prevailing supply and cost pressures in the system.”

Only a week has passed since Dangote Refinery increased its ex-depot price from N1,200 to N1,275 per litre, underscoring the downstream market's quick changes and the refinery's increasing sway on domestic fuel prices.

Additionally, this is the second N75 increase in a span of seven days.

A senior management executive of the Dangote Group recently disclosed that the Dangote Petroleum Refinery has been subsidizing the gasoline and diesel it exports to the Nigerian market in spite of these upward modifications.

Source