Petrol To Hit ₦1,050/Litre As Dangote Increase Fuel Price

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to ₦995 per litre, representing a sharp ₦221 rise within four days.

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

A senior official of the refinery confirmed the development on Friday night, noting that the new price reflects changes in global oil market fundamentals.

“Yes, the price has been reviewed. The new gantry price is now ₦995 per litre,” the official told The PUNCH on condition of anonymity.

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 the 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 new gantry price had already been updated on the portal.

Industry stakeholders say the adjustment could trigger another rise in retail pump prices across Nigeria.

According to market estimates, petrol could sell for above ₦1,050 per litre in several locations depending on transportation costs and marketers’ margins.

The development followed a brief halt in petrol loading operations at the refinery earlier on Friday.

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

Market participants noted that similar pauses in product loading have historically preceded price adjustments at the facility.

Officials of the refinery have repeatedly defended their pricing model, stating that petrol prices must reflect prevailing global market realities.

In a statement issued on Thursday, the refinery said pricing adjustments are influenced by international crude oil prices, logistics costs and operational conditions.

The company emphasised that it does not arbitrarily determine prices.

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

The refinery also stated that it had absorbed about 20 percent of rising costs to help reduce pressure on the domestic market.

Meanwhile, data from the Major Energies Marketers Association of Nigeria indicates that imported petrol currently remains cheaper than locally refined products.

According to MEMAN’s pricing data, Dangote petrol gantry price earlier stood at ₦874 per litre; and Landing cost of imported petrol was ₦809.37 per litre.

This shows 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.