Petrol May Hit ₦1,050/Litre After Dangote Raises Fuel Price

• Petrol May Hit ₦1,050/Litre After Dangote Raises Fuel Price
• Price rises ₦221 within four days.
• Pump prices may exceed ₦1,050 nationwide.

The Dangote Petroleum Refinery has raised its Premium Motor Spirit (petrol) gantry price to ₦995 per litre, marking a significant ₦221 increase within four days.

The latest adjustment comes amid continued volatility in global crude oil prices and rising replacement costs in the international market.

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EKO HOT BLOG reports that a senior official of the refinery confirmed the development on Friday night, explaining that the new price reflects current realities in the global oil market.

“Yes, the price has been reviewed. The new gantry price is now ₦995 per litre,” the official said. The new rate represents an increase from ₦874 per litre, which had only been introduced earlier this week after the refinery initially raised its ex-depot price from ₦774 to ₦874 per litre.

With this latest revision, the refinery’s petrol price has climbed from ₦774 to ₦995 per litre within four days. Checks on petroleumprice.ng also confirmed that the updated gantry price had already been reflected on the portal. Industry stakeholders warn that the adjustment could lead to another increase in retail petrol pump prices across Nigeria.

Market estimates suggest that petrol could sell for above ₦1,050 per litre in several parts of the country, depending on transportation costs and marketers’ margins. The price review came shortly after petrol loading operations were temporarily halted at the refinery earlier on Friday.

Sources disclosed that truck-out operations were suspended around 2:00 a.m., leaving depot owners and bulk marketers uncertain about the refinery’s next pricing move.

Market participants noted that similar pauses in product loading have often preceded price adjustments at the facility. Officials of the refinery have repeatedly defended their pricing structure, stressing that petrol prices must reflect prevailing global market conditions.

In a statement issued on Thursday, the refinery explained that pricing adjustments are influenced by international crude oil prices, logistics costs, and operational factors. The company also emphasised that it does not arbitrarily set prices.

According to the refinery, Nigeria has now fully transitioned to a deregulated downstream petroleum market where fuel prices are largely determined by global crude oil prices, foreign exchange rates, and supply dynamics.

The company further stated that it has absorbed about 20 percent of rising operational costs to help reduce pressure on the domestic market. Meanwhile, data from the Major Energies Marketers Association of Nigeria shows that imported petrol currently remains cheaper than locally refined products.

According to MEMAN’s pricing data, Dangote petrol’s gantry price earlier stood at ₦874 per litre, while the landing cost of imported petrol was ₦809.37 per litre. This indicates that imported petrol was about ₦64 cheaper than the product supplied by the refinery. MEMAN also reported that Dangote’s diesel price stood at ₦1,169.42 per litre, while imported diesel was priced at ₦1,125.70 per litre.