Dangote Petroleum Refinery on Wednesday, resumed gantry loading of Premium Motor Spirit (PMS), also known as petrol, in naira.
This comes after a week-long suspension and ended uncertainty in the downstream sector over its temporary shift to dollar-denominated sales.
Checks showed that the refinery has fixed its new ex-depot (gantry) price at N1,215 per litre, representing an increase of N140 per litre, or 13.02 per cent, from the previous price of N1,075 per litre.
The increase in the gantry price is directly linked to the sharp rally in global crude oil prices, which has raised the cost of producing refined petroleum products, including petrol, diesel and aviation fuel, heightening concerns over fresh fuel price hikes in Nigeria and other oil-importing countries.
Market data on Wednesday showed that Brent crude, the international benchmark against which Nigeria’s crude is priced, climbed 3.18 per cent to $93.90 per barrel, while West Texas Intermediate (WTI) rose 2.74 per cent to $86.65 per barrel.
The price adjustment also comes at a time when domestic petrol prices have already risen sharply following increases in ex-depot prices by major suppliers, raising fears of another round of increases at filling stations.
The resumption of naira-denominated truck loading is expected to improve product availability after supply disruptions caused by the suspension.
