Second ₦75 hike in one week signals deeper shifts in Nigeria’s fuel pricing landscape, with pump prices expected to climb……
Nigeria’s downstream petroleum market is facing another jolt as Dangote Refinery has increased its ex-depot price of Premium Motor Spirit (petrol) to ₦1,350 per litre, up from ₦1,275.
The latest adjustment, confirmed by market sources, represents a fresh upward shift in fuel pricing and underscores the volatility currently shaping the sector.
According to industry reports, the refinery suspended the issuance of Proforma Invoices on Tuesday, a move widely interpreted by marketers as a signal of the new pricing regime across its loading channels. In response, depot owners and fuel marketers have begun recalibrating their pricing structures in anticipation of higher costs.
Operators within the sector say the impact will not remain at the depot level for long. The increase is expected to filter through to retail outlets in the coming days, particularly in major consumption hubs, as marketers adjust to rising landing and replacement costs.
For consumers, this likely means another round of increases at the pump, further tightening pressure on household budgets already strained by inflation and transport costs.
The ₦75 jump marks the second such increase within a week. Just days earlier, the refinery had moved its ex-depot price from ₦1,200 to ₦1,275 per litre, highlighting the speed at which pricing dynamics are evolving.
Within a month, multiple adjustments have been recorded, a pattern that reflects the growing influence of the Dangote Refinery on Nigeria’s domestic fuel market.
Global and local pressures collide
The latest price hike comes against a backdrop of shifting global oil dynamics and domestic supply challenges.
Crude oil prices have shown volatility in recent days, with West Texas Intermediate briefly dipping below $100 per barrel amid renewed optimism over easing geopolitical tensions and the potential reopening of key shipping routes.
Despite this dip, industry analysts note that broader supply-side pressures, foreign exchange constraints, and distribution costs within Nigeria continue to drive pricing decisions at the depot level.
The repeated adjustments signal a deeper transition underway in Nigeria’s fuel market, one increasingly driven by market forces rather than state controls.
As refiners respond to real-time cost variables and marketers pass those costs down the chain, price stability remains elusive.
For now, all eyes are on how quickly the latest increase will reflect at filling stations and how consumers will absorb yet another rise in the cost of petrol.
