BREAKING: Dangote Refinery, Depot Owners Increase Petrol Prices Amid Hardship

Dangote Refinery and Depot Owners have increased petrol prices amid hardship in Nigeria.

NewsOnline Nigerua reports that filling stations across Abuja have significantly increased the pump price of Premium Motor Spirit (PMS), following a hike in ex-depot prices by Dangote Refinery and major petroleum depot operators.

This Nigeria news platform observed on Saturday that Empire Energy and Ranoil stations in Gwarimpa and other areas of the Federal Capital Territory adjusted their pump prices sharply.

Empire Energy now sells petrol at N935 per litre, up from N905 on Friday night, while Ranoil has raised its price to N970 per litre from N900.

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In an exclusive chat, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the price increase to the upward review of ex-depot prices by Dangote Refinery and other major depots.

“The supplying depots and Dangote Refinery have increased their ex-depot petrol prices,” Ukadike confirmed.

He noted that as of Friday, Dangote Refinery’s ex-depot price had risen to N858 per litre from N820. Similarly, other depot operators like NIPCO, Aiteo, and Ranoil set their prices at N870, N855, and N855 respectively.

According to Ukadike, the price adjustments are linked to fluctuations in the exchange rate and the global cost of crude oil.

Meanwhile, Brent and West Texas Intermediate (WTI) crude prices dipped to $69.67 and $67.33 per barrel respectively, as of Saturday morning, according to data from oilprice.com.