The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (petrol) to ₦1,175 per litre, while Automotive Gas Oil (diesel) has been raised to ₦1,620 per litre, signalling fresh pressure on fuel prices nationwide.
The latest adjustment comes as the refinery resumed petrol sales after a brief suspension, with depot prices surging across the downstream market.
Industry sources confirmed that the new petrol price represents a ₦180 increase from the ₦995 per litre announced on Friday, translating to an 18.1 per cent jump within three days. It is the third upward adjustment within one week, following earlier increases that moved the gantry price from ₦774 to ₦995 per litre.
A senior refinery official, who spoke on condition of anonymity, said the new prices had already been communicated to marketers and depot operators.
“Yes, the gantry prices have been adjusted. PMS is now ₦1,175 per litre while Automotive Gas Oil is ₦1,620 per litre,” the official confirmed.
He explained that the decision was driven by volatile market conditions and rising replacement costs.
“The market has been extremely volatile and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”
Checks on industry pricing platform petroleumprice.ng show that the new rates have already been reflected across depot pricing systems used by downstream marketers.
Pump Prices Expected to Rise
The increase is expected to trigger another round of pump price hikes nationwide, as marketers typically adjust retail prices in line with depot costs.
Retail petrol prices in several states have already exceeded ₦1,000 per litre, with some filling stations reportedly dispensing petrol at about ₦1,200 per litre, worsening the cost-of-living pressures facing Nigerians.
Higher fuel prices often translate into increased transportation, logistics, and production costs, which could further push up the prices of goods and services across the country.
Government Supply Efforts
The development comes despite efforts by the Nigerian National Petroleum Company Limited (NNPC) and the Federal Government to boost crude supply to the refinery through third-party international traders in order to sustain domestic refining operations.
An NNPC official said the company was leveraging its global trading network to secure crude supply for the refinery at competitive prices.
“Leveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates,” the official said.
However, the official cautioned that increased crude supply may not immediately translate into lower fuel prices.
According to him, the ongoing tensions in the Middle East are pushing up global energy prices, affecting crude oil, LNG, and refined petroleum products worldwide.
As a result, analysts say Nigerians may continue to face rising petrol costs, despite the ramp-up in domestic refining capacity.
Dangote Refinery Raises Petrol Gantry Price to N1,175, Diesel to N1,620
