Petrol hits N995 as Dangote adjusts prices

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to N995 per litre, marking a sharp N221 jump in just four days, following fluctuations in global crude oil prices and shipping costs.

A senior refinery official confirmed the adjustment on Friday, explaining that the new price reflects recent changes in international oil market fundamentals.

“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said.

The increase follows an earlier price revision from N774 to N874 per litre earlier this week, bringing the cumulative rise to about 29 percent over four days.

The new gantry price has also been updated on petroleumprice.ng, signaling a potential rise in retail pump prices nationwide, with petrol likely to sell above N1,050 per litre in several locations depending on transportation costs and marketers’ margins.

The price hike came after a brief halt in petrol loading operations at the refinery on Friday morning, a move that fueled speculation among marketers of an impending adjustment.

Historically, pauses in truck-out operations at the facility have often preceded price increases.

The refinery has defended its pricing strategy, insisting that petrol prices reflect global crude oil prices, logistics costs, and operational realities.

In a statement on Thursday, the refinery emphasized that its pricing is aligned with Nigeria’s transition to a fully deregulated downstream petroleum market, where costs are largely influenced by international crude prices, foreign exchange rates, and supply dynamics.

Amid rising tensions in the Middle East, the refinery said it has absorbed about 20 percent of the increased costs to cushion domestic consumers.

“The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritizing supply to the domestic market.

This is one of the many benefits of domestic refining,” the statement said, noting that benchmark Brent crude prices recently surged by around 26 percent to above $84 per barrel.

Data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that imported petrol remains about N64 cheaper per litre than Dangote-produced petrol.

As of Monday, Dangote’s petrol gantry price was N874 per litre, compared to the landing cost of imported petrol at N809.37 per litre.

Similarly, Dangote diesel was N1,169.42 per litre, while imported diesel cost N1,125.70 per litre.