Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (petrol) to ₦995 per litre, representing a significant rise of ₦221 within four days.
The adjustment comes amid fluctuations in global crude oil prices and higher shipping costs.
A senior official at the refinery confirmed the development, explaining that the latest price change reflects recent movements in the international oil market.
According to the official, the new gantry price replaces the previous ₦874 per litre, which had earlier been introduced after the refinery raised its ex-depot price from ₦774 to ₦874 earlier in the week.
This means the refinery’s petrol price has jumped from ₦774 to ₦995 per litre within just four days, amounting to an increase of about 29 percent.
Industry checks also confirmed that the updated price has already been reflected on the petroleum pricing portal, indicating a shift in domestic downstream pricing.
The development could lead to another increase in retail petrol prices across Nigeria, with pump prices likely to exceed ₦1,050 per litre in some areas depending on transportation costs and marketers’ profit margins.
The adjustment also followed a brief suspension of petrol loading activities at the refinery, a move that had earlier sparked speculation among marketers that a new price review was imminent.
Sources said truck loading operations were halted around 2:00 a.m. on Friday, leaving depot owners and bulk fuel marketers uncertain about the refinery’s next pricing decision. Observers noted that similar pauses in product loading at the facility have previously been followed by price changes.
Officials of the refinery have consistently defended their pricing approach, stressing that fuel prices are determined by international crude oil costs, logistics expenses, and other operational factors.
In a statement issued earlier, the refinery explained that its pricing structure reflects Nigeria’s transition to a fully deregulated downstream petroleum market, where petrol prices are largely influenced by global oil prices, exchange rates, and supply conditions.
The company also stated that it aims to protect Nigeria from international supply disruptions by prioritising domestic fuel supply, particularly amid rising geopolitical tensions involving the United States and Iran.
According to the refinery, the ongoing conflict has pushed global crude oil and freight costs higher, with benchmark Brent crude prices rising by about 26 percent to over $84 per barrel within a short period.
Despite the increase in operational costs, the refinery said it had absorbed around 20 percent of the additional expenses in an effort to reduce pressure on the local market.
However, data from the Major Energies Marketers Association of Nigeria indicates that imported petrol remains slightly cheaper than the product supplied by the refinery.
The association’s data showed that while Dangote’s petrol price stood at ₦874 per litre earlier in the week, the landing cost of imported petrol was about ₦809.37 per litre, making it roughly ₦64 cheaper.
The association also reported that diesel supplied by the refinery was priced at ₦1,169.42 per litre, compared to ₦1,125.70 per litre for imported diesel.
