By Chibuzor
Dangote Petroleum Refinery has raised the price of petrol from N1,185 to N1,200 per litre, with the new price taking effect on 26 August.
The N15 increase was contained in a notice sent to customers by the refinery’s Group Commercial Operations on Tuesday.
The notice, titled ‘PMS Price Change Communication (N1,185 Per Litre To N1,200 Per Litre)’, informed customers of revised prices for gantry and coastal deliveries.
Under the new pricing, the gantry price increased from N1,185 to N1,200 per litre, while the coastal price rose from N1,562,265 to N1,582,380 per metric tonne.
The refinery also directed customers to return their existing Authorisation to Collect documents for repricing before loading could resume.
“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption. Should you require any further clarification, please do not hesitate to contact us,” the notice said.
The latest increase comes five days after the refinery raised its petrol price from N1,165 to N1,185 per litre. That adjustment took effect from midnight on 21 August, according to industry trackers.
The latest price change could put further pressure on petrol pump prices as marketers factor in transportation, landing and other downstream costs. Petrol is expected to sell at an average of N1,250 per litre.
The increase also comes amid a decline in international crude oil prices.
Data from oilprice.com on Tuesday showed West Texas Intermediate crude at $82.13 a barrel, down $2.88, or 3.39%. Brent crude stood at $88.37 a barrel, after falling $3.80, or 4.12%, while Murban crude declined by $8.73, or 8.61%, to $92.71 a barrel.
Marketers and depot operators who received the refinery’s notice may have started returning their existing ATCs for repricing in line with the directive.
The Dangote Group had not responded to messages from our correspondent at the time of filing this report.
The price increase comes amid volatility in the international oil market linked to the ongoing US-Iran conflict.
Reuters reported that oil prices had fallen as investors viewed the latest US sanctions against Iran as less threatening to global oil supplies than a military escalation.
Analysts, however, warned that the decline could be an overreaction and that prices could rise sharply if Iran retaliated militarily.
Reuters also reported that supply disruption risks remained, with only two commodity vessels transiting the Strait of Hormuz on Monday, the lowest daily tally since early May.
The waterway handled about one-fifth of global oil consumption before the conflict began, leaving the market vulnerable to further disruptions.
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