The pump price of petrol is likely to increase in the coming days as the price of the commodity at the depots has increased to N875 per litre.
This follows the decision of the Dangote Refinery to suspend the sale of petroleum products to marketers in naira.
The management of the refinery said in a statement on Wednesday that the decision was necessary to avoid a mismatch between its sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
It, however, assured that as soon as it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC), it will resume the sales of petroleum products in Naira.
“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the statement read.
Following the announcement, as at Thursday, depot prices of petrol rose to N875 per litre, up from less than N850 per litre before the announcement.
Matrix Warri increased its price from N852 to N875 per litre, an increase of N22, while Zamson Depot upped its price from N853 to N875 per litre.
Similarly, Rainoil depot increased its price from N853 to N875 per litre while Pinnacle Warri and Sobaz increased their prices to N875 per litre from N854 and N870, respectively.
Parker depot also increased its loading price to N875 per litre from N852 per litre sold earlier in the day.
