The Dangote Petroleum Refinery has restarted loading Premium Motor Spirit in naira, putting an end to a brief period of confusion regarding dollar-based transactions. The facility has set its new ex-depot price at N1,215 per litre, which marks a 13.02 percent increase from the earlier rate of N1,075.
This price adjustment follows a significant surge in global crude oil costs, with Brent crude reaching $93.90 per barrel. Higher production expenses have necessitated these changes, affecting the broader domestic fuel market. Marketers have been informed that loading operations have resumed, which is anticipated to stabilize local supply chains after recent disruptions led to shortages and higher prices at independent depots.
Reports indicate that coastal loading prices have also climbed, with the refinery raising its rates to $1,161.23 per metric tonne. Before this transition back to the naira, the temporary suspension of local sales caused significant market volatility, driving ex-depot prices in Lagos to as high as N1,275 per litre.
While the return to naira-denominated truck loading is expected to ease distribution constraints, consumers are already seeing the impact at retail stations. Filling stations across Lagos have begun adjusting pump prices to between N1,300 and N1,400 per litre. These rising costs are creating further economic pressure on transportation and household expenses as depot prices continue to climb in major hubs like Port Harcourt, Warri, and Calabar.
