The Dangote Petrochemical Refinery has raised the ex-depot price of petrol to N1,175 per litre in Nigeria, reversing an earlier reduction of N100 announced earlier in the week, as a fresh surge in global crude oil prices pushes up refining costs.
The report by Punch newspaper on Saturday said that the price adjustment was confirmed by an official of the refinery on Friday.
The report added that checks on Petroleumprice.ng also confirmed the development, indicating that the price revision had disrupted trading activities across several petroleum depots.
According to market sources quoted by the platform, the sudden upward adjustment prompted depot operators in multiple hubs to temporarily suspend sales as they awaited clarity on the new pricing structure.
“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the development said.
The report stated that loading operations at the refinery were also temporarily suspended to allow for stock reconciliation and alignment with the new pricing framework.
A refinery source told Punch newspaper that the decision was largely driven by rising global crude prices, which directly affect refining costs.
The revision, according to the source, reflects the surge in global crude oil prices as Brent crude moved from around $91 per barrel to about $100 per barrel and that increase feeds directly into the cost of refining,.
GIK/APA