The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to N995 per litre, representing a sharp N221 rise within four days, amid ongoing volatility in global crude oil prices and shipping costs.
A senior refinery official confirmed the development on Friday, noting that the latest adjustment reflects recent movements in the international oil market.
According to the official, the refinery has reviewed its pricing structure, pushing the gantry price up from N874 per litre, which was itself introduced earlier in the week after an increase from N774 per litre.
This means the refinery’s petrol price has climbed from N774 to N995 per litre in just four days, representing an increase of about 29 percent over the period.
Checks on petroleumprice.ng also showed the updated gantry price on the portal, indicating a shift in domestic downstream pricing benchmarks.
The development could trigger another rise in retail fuel prices across Nigeria, with petrol potentially selling for above N1,050 per litre in some locations, depending on transportation costs and marketers’ margins.
The price hike follows a brief suspension of petrol loading at the refinery, which had earlier fueled speculation among marketers that another upward price review was imminent.
Sources said truck-out operations for petrol were halted around 2:00 a.m. on Friday, leaving depot owners and bulk marketers uncertain about the refinery’s next move. Industry participants noted that similar pauses in loading operations at the facility have previously preceded price adjustments.
Officials at the refinery have consistently defended their pricing decisions, stating that petrol prices must reflect global crude oil prices, logistics expenses, and operational costs.
In a statement issued Thursday, the refinery explained that it does not arbitrarily fix fuel prices but adjusts them based on international market trends and the cost of crude used for refining.
The company added that its pricing approach reflects Nigeria’s shift to a fully deregulated downstream petroleum market, where petrol prices are influenced largely by global oil prices, foreign exchange rates, and supply dynamics.
The refinery also said it aims to shield Nigeria from global supply disruptions by prioritising domestic fuel supply, particularly amid rising geopolitical tensions linked to the Iran-Isreal conflict.
According to the statement, the conflict has pushed global crude and freight costs significantly higher, with Brent crude rising by about 26 percent to above $84 per barrel in a short period.
The refinery added that it has absorbed about 20 percent of the increased costs to help reduce pressure on the local market.
Meanwhile, data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates that imported petrol currently costs less than locally refined fuel from the Dangote facility.
MEMAN data showed that as of Monday, Dangote’s petrol gantry price stood at N874 per litre, while the landing cost of imported petrol was about N809.37 per litre, creating a price gap of roughly N64 per litre.
The association also reported that Dangote’s diesel price was N1,169.42 per litre, compared with N1,125.70 per litre for imported diesel.
