Petrol prices at depots across Nigeria have risen sharply after marketers adjusted their rates following the decision by Dangote Petroleum Refinery to stop selling refined petroleum products in naira and switch to U.S. dollar transactions.
The increase, which took effect on Tuesday, comes barely a day after the refinery introduced a new dollar-based pricing template for petrol, diesel and aviation fuel.
Although depot operators have not officially blamed the price hike on the policy, industry observers say the refinery’s decision has added fresh pressure to the downstream petroleum market.
Data from PetroleumPriceNG showed that several depots increased their ex-depot prices by more than nine per cent. Optima raised its Premium Motor Spirit (PMS) price to N1,141 per litre, Matrix Warri increased its price to N1,230 per litre, AITEO to N1,121 per litre, and Rainoil Delta to N1,170 per litre.
The new prices are significantly higher than the N1,076 per litre gantry price
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