The Dangote Refinery on Wednesday increased the petroleum ex-depot price by N75 per litre, raising loading price from N1,200 to N1,275 per litre, while coastal supply prices increased to N1,215 per litre.
Additionally, the refinery suspended product sales following a disruption in its Proforma Invoice process.
Daily Intel Newspaper gathered that the change followed operational adjustments and has started affecting the downstream petroleum market.
Confirming the development, an official of the refinery said, “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.”
Another source familiar with the situation said the refinery stopped its Proforma Invoice entry process at about 4:00 pm on Tuesday, disrupting normal supply scheduling across its loading system.
According to the source, the suspension led to an immediate halt in both petrol and Automotive Gas Oil sales.
The suspension and price increase have drawn reactions from traders and marketers, many of whom are preparing for higher depot costs and a possible rise in pump prices nationwide.
Operators said such disruptions often lead to higher logistics and distribution costs, adding pressure across the supply chain.
The development comes as global crude oil prices continue to rise, increasing feedstock costs for refiners.
As of 10:35 am (WAT), Brent crude was trading at $114.80 per barrel, up by 3.15 per cent, while West Texas Intermediate stood at $103.40 per barrel, rising by 3.49 per cent.
The increase in global oil prices has been linked to tensions around the Strait of Hormuz, a key route for global oil supply. The rise in crude prices has increased replacement costs for refiners, leading to higher prices for refined products.
