By Olakunle Oke
Nigeria’s downstream fuel market is bracing for another increase in pump prices following a fresh ₦75 hike in the ex-depot price of petrol, signaling renewed upward pressure across the supply chain.
A report by Petroleumprice.ng, citing market sources, confirmed the new pricing template, noting that Proforma Invoice was suspended on Tuesday.
This development points to a revised pricing structure across loading channels, with marketers already adjusting their depot and retail strategies in response.
The latest increase will likely translate directly to higher pump prices in the coming days, particularly in major consumption hubs, as marketers grapple with rising landing and replacement costs.
The adjustment comes amid sustained volatility in the global oil market and ongoing supply-side shifts within Nigeria’s domestic distribution network factors that continue to shape ex-depot pricing decisions.
Despite a recent dip in global oil prices where West Texas Intermediate briefly fell below $100 per barrel on optimism surrounding a possible resolution to tensions involving Iran and the reopening of the Strait of Hormuz local pricing pressures remain firmly elevated.
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The latest increase also follows closely on the heels of a similar move by Dangote Refinery, which raised its ex-depot price from ₦1,200 to ₦1,275 per litre just a week ago.
The rapid adjustments underscore the refinery’s growing influence on Nigeria’s domestic fuel pricing landscape.
Notably, this marks the second ₦75 increase within a span of seven days, highlighting the speed and frequency of changes in the downstream market.
Over the past month, Dangote Refinery has revised its petrol prices multiple times, reflecting fluctuations in crude sourcing costs, foreign exchange challenges, and evolving domestic distribution dynamics.
