WorldStage– A day after its press statement assuring Nigerians of stable fuel supply, Dangote Refinery has amped up its gantry price from N874 per litre to N995 per litre.
That represents a N29 percent increase.
The increase followed a 26 percent hike from N774 to N875 four days ago, following the outbreak of hostilities in Iran and global oil disruption that followed.
Price monitoring platform www.petroleumprice.ng confirmed the latest hike on Friday.
The development came after petrol loading at the refinery stopped overnight.
The latest increase might see pump prices hovering above N1000—or more as crude supply disruption lingers.
Analyst Nosa Omorodion told Worldstage News Nigeria cannot be insulated against a global shock like this going by the interdependencies of nation that characterize globalization.
In the Thursday statement, the company claimed it had been absorbing 0percent of the supply shock in order to ensure stable supply locally.
In that effort, the refinery said it continues importing crude from international traders to shore up its feedstock for the 650,000 bpd the plant needs.
That becomes necessary because the local crude supply it buys in naira at the global price is not enough—five cargoes monthly out the 13 the NNPC agreed to supply.
The refinery currently supplies 62 percent of Nigeria’s daily fuel consumption while marketers import the remaining.
