Filling Stations Sell Petrol at New Prices as Dangote Confirms Increase
by by Pascal Oparada · Legit.ng News · Join- Petrol stations in Lagos have adjusted their pump prices to reflect the increase in crude oil prices
- The development came as depots nationwide hiked their prices, stating that crude prices also rose
- The Dangote Refinery disclosed that the increase in its petrol prices was due to the rise in crude oil in the global market
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Some fuelling stations in Lagos adjusted their pump prices for petrol on Monday, January 20, 2025.
The development follows the hike in ex-depot prices caused by the global market's rise in crude oil prices.
Dangote blames crude oil prices for the increase
Legit.ng reported that crude oil prices rose last week from $75 to $80, caused by a regional crisis in the Middle East and the ban on Russian oil by the US.
According to reports, crude oil prices dropped marginally on Monday, ahead of Donald Trump’s inauguration as US President.
Dangote Refinery disclosed on Sunday, January 19, 2025, that the increase in petrol prices was due to the rise in global crude oil prices.
Dangote said that since crude is a key component in PMS production, any price fluctuation in its international price affects the cost of the finished product.
Dangote Refinery appoints retail partners
However, the refinery said Ardova, Heyden, and MRS Holdings would sell petrol to Nigerians at a retail price of N970 per litre nationwide.
However, checks show that long queues resurfaced in NNPC retail stations, which sell petrol at N925 per litre as of Monday, January 20, 2025.
Daily Trust reports that the long queues could be seen at NNPC retail stations in places like Fadeyi, while others along Ojodu Berger did not sell.
Long queues were also seen at MRS filling stations in Victoria Island in Lagos.
Queues surface in petrol stations
But long queues were also observed at MRS along Ahmadu Bello Way Victoria Island Lagos.
Oil prices dropped on Monday, January 20, 2025. Brent Crude for March delivery dropped 1.5% to sell at $70.66 per barrel, while Western Texas Intermediate (WTI) crude for February fell 1.8% to $76.46 per barrel.
However, after Trump’s inauguration, Brent Crude rose again to $80.05%.
Marketers increase petrol prices amid high crude oil prices
Legit.ng previously reported that petrol stations owned by prominent oil marketers hiked their prices on Tuesday, January 14, 2024, to reflect a new price regime amid rising crude oil prices, which saw Brent Crude soar above $80 per barrel.
Checks showed that major marketers had adjusted their pump prices, reflecting the upward movement in crude oil costs.
Investigations revealed that major marketers such as 11 plc, which operates the Mobil franchise, adjusted their pump prices to N970 per litre from N950—the same as Petrocam. According to reports, petrol ex-depot prices moved from N912 to N950 per litre at the Apapa depot. Sources confirmed that the N950 per litre was for oil stock.