- Retail petrol prices across Nigeria are set to hit at least N1,332 per litre following a series of rapid price adjustments by the Dangote Petroleum Refinery and subsequent templates issued by major marketers like MRS Oil.
- The Dangote Refinery raised its gantry price five times in March alone, moving from N774 at the start of the month to N1,275 per litre, citing international crude oil volatility and supply chain disruptions.
- Despite the domestic price surge, the refinery is seeing increased interest from African nations like South Africa, Ghana, and Kenya, as the ongoing war in Iran chokes traditional Middle Eastern supply routes.
The cost of Premium Motor Spirit (petrol) has taken a sharp upward turn for Nigerian consumers, with pump prices now benchmarked at N1,332 per litre.
Eko Hot Blog reports that shift follows a Saturday communication from MRS Oil Nigeria Plc to its dealers, which adjusted the pump price and fixed company delivery at N1,290 per litre.
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The move underscores the growing dominance of the 650,000-barrel-per-day Dangote refinery, as all product loading is now being directed through the facility.
In less than three weeks, the refinery’s gantry price has surged by approximately 64.7%.
Starting March at N774 per litre, the price climbed steadily through intervals of N874, N1,050, N1,175, and N1,245, before reaching the current N1,275.
The refinery explained that these revisions were necessary to reflect prevailing market realities driven by external factors beyond its control, specifically the impact of global oil market dynamics.
The rapid succession of hikes, including two adjustments within a single 24-hour window, highlights the extreme volatility currently facing Nigeria’s downstream sector.
While the commencement of domestic refining was expected to stabilize prices, the market remains tethered to international crude costs and freight pressures.
Consequently, transport fares and the cost of basic commodities are expected to rise across the country as marketers implement the new rates.
Beyond petrol, the refinery also adjusted the price of Automotive Gas Oil (diesel), raising it to N1,750 per litre.
This N250 jump from the previous week’s price is expected to put immediate pressure on logistics and industrial operations.
As the refinery becomes the primary hub for regional supply, the balance between meeting high international demand and maintaining affordable domestic pricing remains a central challenge for Nigeria’s energy sector.
