Dangote Refinery Raises Petrol To ₦1,275, Diesel To ₦1,950

The Dangote Petroleum Refinery has again increased the gantry price of petrol and diesel, raising fresh concerns over rising fuel costs across Nigeria.

.....

A senior official at the refinery confirmed the development on Tuesday night to The PidomNigeria, stating that the adjustment was influenced by prevailing international crude oil benchmarks and market realities.

Under the new pricing template, petrol rose by ₦75 per litre to ₦1,275, representing an increase of about 5.02 per cent, while diesel increased by ₦200 per litre to ₦1,950.

The latest review marks a notable increase from last month’s prices, when petrol sold at ₦1,200 per litre and diesel at ₦1,750 per litre.

With the new adjustment, diesel is now approaching the ₦2,000 per litre mark, raising fears that pump prices could rise further in the coming days.

Industry observers say marketers are likely to transfer the additional cost to consumers, potentially increasing transportation and production expenses nationwide.

Explaining the price adjustment, the refinery official linked the development to volatility in global crude oil markets.

“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices,” the official said.

“These are external factors that directly influence refined product pricing.”

He added that the new price review reflects international market conditions.

“Petrol has been reviewed upward by ₦75 to ₦1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by ₦200 to ₦1,950 per litre. These changes reflect the realities of the international market.”

Market tracking platform Petroleumprice.ng also confirmed the development.

According to the platform’s data, the new petrol gantry price reflects a 5.02 per cent increase compared with previous rates.

The price adjustment comes despite expectations that the start of operations at the Dangote Refinery, Africa’s largest refinery, would help stabilise domestic fuel prices.

However, analysts note that Nigeria’s fuel pricing remains heavily influenced by international crude oil benchmarks, meaning local refining alone may not shield consumers from global price shocks.

Global oil markets have experienced heightened volatility in recent weeks due to escalating tensions in the Middle East, a region responsible for a significant portion of the world’s crude oil supply.

Any perceived threat to supply routes or production in the region often triggers price spikes in global oil markets, which subsequently affect refined petroleum products.

Nigeria operates a deregulated downstream petroleum sector, where fuel prices are largely determined by market forces.

As a result, domestic fuel prices are influenced by international crude prices, exchange rates, logistics costs, and refinery operations.