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Petrol To Hit ₦1,050/Litre As Dangote Increase Fuel Price.
The Dangote Petroleum Refinery has raised its Premium Motor Spirit (petrol) gantry price to ₦995 per litre, marking a sharp ₦221 increase in just four days.....KINDLY READ THE FULL STORY HERE▶
The adjustment comes amid fluctuations in global crude oil prices and rising replacement costs in the international market.
A senior refinery official confirmed the increase on Friday night, noting that the new price reflects shifts 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 revised rate follows an earlier increase from ₦774 to ₦874 per litre earlier this week, meaning the refinery’s petrol price has jumped from ₦774 to ₦995 per litre within four days.
Checks on petroleumprice.ng also confirmed that the updated gantry price had been reflected on the platform.
Industry experts warn that the hike could lead to further increases in retail pump prices across Nigeria, with estimates suggesting petrol may sell for over ₦1,050 per litre in some areas, depending on transport costs and marketers’ margins.
The increase came after a brief suspension of petrol loading operations at the refinery on Friday. Sources said truck-out activities were halted around 2:00 a.m., leaving depot owners and bulk marketers uncertain about the refinery’s next pricing move. Market observers note that such pauses in loading often precede price adjustments.
Refinery officials have consistently defended their pricing approach, emphasizing that petrol prices reflect global market conditions. In a statement issued on Thursday, the company explained that adjustments are influenced by international crude prices, logistics costs, and operational realities, stressing that prices are not set arbitrarily.
The refinery also highlighted that Nigeria has fully transitioned to a deregulated downstream petroleum market, where prices are largely determined by global crude oil rates, foreign exchange fluctuations, and supply dynamics. The company said it has absorbed roughly 20% of rising costs to reduce pressure on the domestic market.
Meanwhile, data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that imported petrol remains cheaper than locally refined products. According to MEMAN, Dangote’s petrol gantry price previously stood at ₦874 per litre, while the landing cost of imported petrol was ₦809.37 per litre—about ₦64 cheaper.
MEMAN also reported that Dangote diesel is priced at ₦1,169.42 per litre, compared to ₦1,125.70 per litre for imported diesel.
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