Dangote Refinery raises petrol price to N1,275, diesel nears N2,000

The Dangote Petroleum Refinery has raised its gantry prices for petrol and diesel, citing escalating geopolitical tensions in the Middle East and their impact on global crude oil markets.

A top refinery official confirmed the development to our correspondent on Tuesday night, saying the adjustments reflect prevailing international benchmarks and market realities.

Under the new pricing template, petrol rose by N75 — about 5.02 per cent — to N1,275 per litre, while diesel surged by N200 to N1,950 per litre. Both products had sold for N1,200 and N1,750 respectively in the previous month.

“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.

“These are external factors that directly influence refined product pricing,” the official said, speaking on condition of anonymity as he was not authorised to comment on the matter.

The diesel figure now edges close to the N2,000-per-litre threshold at the pump, a prospect analysts say could intensify cost pressures across the economy.

Market data from Petroleumprice.ng corroborated the increase, confirming the 5.02 per cent petrol price adjustment at the gantry level.

The hike deals a blow to public expectations that Africa’s largest refinery would shield Nigeria from the volatility of imported fuel prices.

Experts, however, say the country remains exposed to global oil price swings so long as domestic pricing remains anchored to international crude benchmarks, exchange rates, logistics costs, and refinery operations.

With marketers expected to pass on the additional costs to consumers in the coming days, the development risks triggering a fresh wave of pump price increases nationwide — further straining households already burdened by high energy and transportation costs, and threatening to deepen inflationary pressures on the broader economy.