The Dangote Petroleum Refinery has defended its latest fuel price increases, attributing the upward adjustments to the cost of crude oil purchased earlier and the lengthy process involved in securing, shipping and delivering crude to the refinery.
The explanation came as the price of Premium Motor Spirit (petrol) climbed further across the country, with the product now selling between N1,310 and N1,400 per litre, depending on location.
Petrol is currently selling for about N1,310 per litre in Lagos and Ogun states, while the price has risen to N1,350 or more in northern states and other locations farther from the refinery.
The latest increase followed the Dangote refinery’s decision to raise its PMS gantry price by N65 per litre, from N1,200 to N1,265, effective August 29. It was the third increase announced by the refinery in eight days.
It was observed that the price hikes occurred even as global crude prices were declining, despite the US-Iran tensions.
