Fuel Price Jumps as Dangote Petroleum Refinery Raises Depot Rate to N995 Per Litre

Fuel prices have surged again after the Dangote Petroleum Refinery increased its gantry loading price to N995 per litre. The adjustment marks a sharp rise in the refinery’s depot price, coming just days after previous increases that had already unsettled fuel marketers and consumers.

Industry sources say the latest change represents an overall jump of about N221 within four days. Marketers who purchase petrol directly from the refinery say the frequent adjustments are affecting their ability to maintain stable pump prices across filling stations nationwide.

The increase is expected to have a ripple effect across the downstream petroleum sector, with many operators warning that retail prices at petrol stations could climb further if the trend continues. Transporters and small business owners have also expressed concern that higher fuel costs could translate into increased prices for goods and services.

Despite the concerns, stakeholders in the oil sector note that price movements in the deregulated market are influenced by several factors, including global crude oil prices, exchange rates, and operational costs. Observers say the coming days will reveal how the new depot price will impact pump prices across the country.