LAGOS, – The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), commonly known as petrol, after a week-long suspension, with a new ex-depot price of N850 Naira per liter.
The N30 increase from the previous rate of N820, representing a 3.66% upward adjustment that is raising concerns about a potential surge in pump prices across the nation.
The new price became effective on Thursday as loading activities restarted at 650,000-barrels-per-day facility located in the Lekki Free Trade Zone, Lagos.
Suspension of sales, which was reportedly due to a halt in payments for fuel loading, had caused uncertainty in the downstream sector.
While the resumption of operations has provided a measure of relief to marketers who feared a prolonged disruption, the new pricing strategy has also lead to debate.
Industry analysts suggest that the price increase may be linked to fluctuations in global crude oil prices, as the Dangote Refinery sources a significant portion of its crude feedstock from international markets, including the United States.
Despite the hike in petrol prices, the refinery has maintained its competitive edge in diesel sales. The ex-depot price for Automotive Gas Oil (diesel) remains at N990 per litre for bulk buyers, which is still lower than the N1,030 average at other private depots in Lagos.
