Price Surge At Filling Stations As Dangote Refinery Increases Petrol Rates

Filling stations across Lagos and its surrounding areas have raised petrol prices to between N1,000 and N1,100 per liter, following a recent price increase from the Dangote Refinery.

At AP Filling Station in Dalemo, Alakuko, Lagos, the price has risen to N1,090 per liter, up from N980 just days earlier. Similarly, Mobil Filling Station along Baale Animasaun Road in Agbado, Lagos, has increased its price to N1,050 per liter from N970 the day before.

MRS Filling Station along Oshodi-Apapa Expressway has also adjusted its price, with petrol now selling at N1,020 per liter, up from the previous rate of N935 per liter. On the Egbeda-Idimu-Isheri axis, the AP Filling Station has increased its price to N1,090 per liter.

These price hikes are linked to a recent increase in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by Dangote Refinery. On Friday, the refinery announced a rise in its ex-depot price.

Petrol Price Increase Explained

Dangote Petroleum Refinery notified its customers via email on Friday that its refined products would now be priced at N955 per liter at the loading gantry. This increase follows a rise in global crude oil prices, with Brent crude recently hitting $81 per barrel.

Marketers purchasing between 2 million and 4.99 million liters will now pay N955 per liter, while those buying 5 million liters and above will be charged N950 per liter. This reflects a N55.5 increase, or a 6.17% rise, from the N899.50 per liter rate set in December.

The refinery’s notice stated: “Effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit. Please note that all stock balances not yet lifted at this time will be repriced at the new rates.”

This price adjustment is a direct result of the rising cost of crude oil globally and will affect both marketers and consumers in the coming days.