Ex-depot price jumps 13% as global crude rally fuels fresh cost pressures
In a major relief for Nigeria’s downstream petroleum sector, Dangote Refinery has restarted gantry loading of Premium Motor Spirit (PMS) in naira after a week-long suspension.
The new ex-depot price now stands at N1,215 per litre – a sharp increase of N140 (13.02%) from the previous N1,075.
Why the Hike?
The adjustment reflects surging global crude prices:
· Brent crude climbed 3.18% to $93.90/barrel
· WTI rose 2.74% to $86.65/barrel
Market Impact
The return to naira-denominated loading is expected to:
· Boost product availability
· Ease supply constraints for independent marketers
· Improve nationwide distribution
Depot Prices Surge
Depot (Lagos) New Price (N/litre) Increase
Bulk Strategic Reserve N1,350 +N87
Liquid Bulk/Masters/Matrix/Sigmund N1,280 +N15–17
Retail pump prices in Lagos have climbed to N1,300–N1,400/litre, up from N1,260.
What This Means
With petrol at historic highs, Nigerians face:
. Higher transport costs
. Increased food and goods prices
. Deeper cost-of-living pressures
Bottom Line
Dangote’s return to naira sales stabilises supply, but with volatile crude prices and rising depot rates, pump prices may remain under pressure.
