Petrol Prices Hit ₦930 as Dangote, Depots Adjust Rates Over Oil Spike

Petrol Prices Hit ₦930 as Dangote, Depots Adjust Rates Over Oil Spike.
Brent crude climbs to $75.63 per barrel as conflict escalates.
IPMAN suspends strike over Lagos truck call-up fee increase.

The Dangote Refinery and several other petroleum depots have raised their ex-depot prices for Premium Motor Spirit (PMS), commonly known as petrol, following the recent spike in global crude oil prices.

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EKO HOT BLOG reports that this comes as the Israel-Iran conflict entered its fifth day on Tuesday, adding pressure to international energy markets.

According to industry data from Petroleumprice.ng, the ex-depot price of petrol at Dangote Refinery rose from ₦825 to ₦840 per litre. Similarly, Rainoil adjusted its price to ₦900 from ₦850, while Fynefield and Mainland lifted their rates to ₦930 and ₦920, representing increases of ₦51 and ₦63, respectively.

Other marketers also implemented upward adjustments:

Sigmund – ₦920 per litre
Matrix Warri – ₦910
NIPCO – ₦895, up from ₦827 last week
Aiteo – ₦840 per litre

These hikes align with developments in the global oil market. As of Tuesday, Brent crude traded at $75.63 per barrel, while West Texas Intermediate (WTI) stood at $74.03, as reported by Oilprice.com.

Reacting to the increase, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, explained that any cost change in the production chain inevitably affects the retail price of refined products.

“Any cost shift in the components of producing refined products will certainly affect the final price,” he stated in an interview with Daily Post.

Meanwhile, Festus Osifo, President of the Natural Gas Senior Staff Association of Nigeria, accused oil marketers of exploiting Nigerians through arbitrary price hikes. He argued that the reasonable pump price should fall between ₦700 and ₦750 per litre.

In a related development, tanker drivers and members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have suspended their planned strike. The protest was in response to the Lagos State Government’s increase in the electronic truck call-up parking fee from ₦2,500 to ₦12,500, a move that has drawn criticism from transport stakeholders.