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By Lawrence Agbo
Premium Motor Spirit (PMS), or petrol, now costs 1,175 per litre, while Automotive Gas Oil (AGO), also known as diesel, now costs 1,620 per litre, according to Dangote Petroleum Refinery’s new ex-depot rates.
According to a report, the recent price change represents the fourth straight price review in less than two weeks amid instability in the global market.
The report, which cited industry sources, stated that after prior changes this month, marketers had been informed of the new pricing plan.
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The price of petrol has increased significantly from 995 per litre to 1,175 per litre under the amended structure, while the price of diesel has increased significantly from its previous level of 1,430 per litre, highlighting the ongoing increasing trend in domestic fuel prices.
The increases coincide with a sharp rise in international crude oil benchmarks as of 1:00 pm WAT: BRENT CRUDE: $102.8 (+10.91%) and WTI CRUDE: $101.0 (+11.08%) due to the Middle East energy crisis.
As depot owners and fuel marketers modify supply costs in reaction to the updated pricing issued by Dangote, the development is probably going to have an impact on Nigeria’s downstream petroleum market.
The Refinery had yet to issue an official statement on the development as of the time of filing this report.
