Amanze Chinonye
Ex-depot prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), or diesel, have surged across major independent depots following Dangote Petroleum Refinery’s decision to commence the sale of refined petroleum products exclusively in United States dollars, Prime Business Africa reports.
The new pricing regime, which took effect on July 13, requires petroleum marketers to make payments in US dollars for both gantry and coastal product liftings. The refinery also cancelled all previously issued naira-denominated invoices, effectively ending local currency transactions for the affected products.
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Under the revised pricing template, Dangote Refinery fixed the ex-depot price of petrol at $0.779 per litre, diesel at $1.087 per litre, and aviation fuel at $0.942 per litre.
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The policy triggered immediate price adjustments across major independent depots, with petrol prices rising by as much as ₦113 per litre and diesel increasing by up to ₦150 per litre, reflecting the impact of the dollar-based pricing model and prevailing foreign exchange conditions.
At Matrix Depot, the ex-depot price of petrol rose from ₦1,137 to ₦1,250 per litre, representing the highest loading price currently recorded and an increase of ₦113 per litre. Another Matrix facility also adjusted its loading price from ₦1,120 to ₦1,230 per litre, an increase of ₦110 per litre.
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Meanwhile, Sahara, AIPEC and African Terminal increased their petrol loading prices from ₦1,090 to ₦1,120 per litre.
Diesel prices also climbed across several depots, with the highest ex-depot price reaching ₦1,650 per litre, up by ₦150, as marketers adjusted to the refinery’s new dollar-denominated supply framework.
The latest increases are expected to raise the cost of petroleum distribution nationwide and could ultimately translate into higher retail pump prices if marketers pass the additional costs on to consumers.
Analysts also warn that the development may intensify inflationary pressures, as higher fuel costs typically increase transportation, logistics and production expenses across the economy.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
