Petrol Price Rises by N100 Per Litre as FX Costs Push Up Dangote Refinery Prices
Petrol Price Rises by N100 Per Litre as FX Costs Push Up Dangote Refinery Prices
The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has increased by about N100 per litre following a new pricing adjustment linked to foreign exchange costs associated with fuel supply from the Dangote Refinery.
The latest increase comes after petroleum marketers were required to absorb the foreign exchange burden tied to the importation of crude oil and other operational costs, a development that has significantly raised the landing cost of petrol.
Industry stakeholders said the adjustment followed changes in the refinery’s pricing structure, which now reflects prevailing foreign exchange realities. The development is expected to have a direct impact on retail fuel prices across the country.
Several filling stations have already adjusted their pump prices, while independent marketers are expected to implement similar increases as existing fuel stock is depleted.
Oil marketers warned that the new pricing regime could lead to higher transportation costs, increased production expenses and further pressure on inflation, with consumers likely to bear the impact through rising prices of goods and services.
Economic analysts noted that fluctuations in the foreign exchange market continue to influence the cost of petroleum products despite the commencement of local refining, stressing that exchange rate stability remains critical to achieving long-term fuel price moderation.
The latest adjustment adds to concerns among Nigerians over the rising cost of living, as households and businesses continue to grapple with increasing energy and transportation expenses.
Industry operators have called for policies that will improve access to foreign exchange, stabilise the naira and strengthen domestic refining capacity to reduce dependence on volatile global market conditions.
