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Dangote Refinery denies fresh petrol price increase

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Dangote Petroleum Refinery & Petrochemicals has announced that the price of Premium Motor Spirit (PMS) will remain stable, despite concerns regarding potential fluctuations in the downstream market. 

A representative from the company confirmed that their pricing structure is unchanged, with the gantry price set at N1,200 per litre and the coastal price at N1,153 per litre.

 "We are upholding our current price and have not introduced any new pricing for our clients," the representative stated. The individual further emphasized that the refinery is committed to ensuring a consistent supply of refined petroleum products throughout Nigeria and the broader African market, thereby reinforcing its role in maintaining supply stability. Reports emerged on Tuesday indicating that the Refinery had raised the gantry price for petrol and diesel.
  These reports, citing a senior official at the refinery, suggested that the facility modified its pricing in response to current international crude oil benchmarks and market conditions. According to the report, the revised pricing structure would result in an increase of N75 per litre for petrol, bringing it to N1,275, which represents a rise of approximately 5.02 percent, while diesel would see a hike of N200 per litre to N1,950. 

This increase would signify a significant rise from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel, if the reports were accurate.

This development occurs against the backdrop of escalating geopolitical tensions in the Middle East and their subsequent impact on global energy markets. Oil prices experienced a sharp decline on Wednesday, while stock prices surged after the United States and Iran reached a two-week ceasefire agreement, allowing Tehran to temporarily reopen the crucial Strait of Hormuz. 

The market's response was immediate and pronounced, with U.S. crude futures falling approximately 15% to $96.31 per barrel, while Brent futures also decreased by 13% to $94.71 per barrel.
Additionally, the Nigerian crude oil, Bonny Light, fell below $95 a barrel on Wednesday.

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