Dangote Pumps Up Fuel Price: Petrol Set To Hit ₦1,050/Litre

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price to ₦995 per litre, marking a sharp ₦221 rise within four days. According to industry sources, the latest adjustment reflects volatility in global crude oil prices and rising replacement costs in the international market.

A senior refinery official confirmed the new price on Friday night, explaining that it aligns with current global oil market fundamentals. “Yes, the price has been reviewed. The new gantry price is now ₦995 per litre,” the official said on condition of anonymity.

The increase follows a recent adjustment that raised the ex-depot price from ₦774 to ₦874 per litre, meaning the refinery’s petrol price has climbed from ₦774 to ₦995 per litre within just four days. Updates on petroleumprice.ng have confirmed the new gantry price, signaling potential further increases in retail pump prices across the country. Market analysts estimate petrol could reach over ₦1,050 per litre in some locations, depending on transport costs and marketers’ margins.

The development comes after a brief halt in petrol loading operations at the refinery early Friday, which left depot owners and bulk marketers uncertain about future pricing. Historical trends suggest such pauses often precede price adjustments.

The refinery has consistently defended its pricing model, emphasizing that petrol prices are influenced by international crude oil prices, logistics costs, and operational conditions. In a statement issued on Thursday, the company explained that Nigeria now operates a fully deregulated downstream petroleum market, where domestic petrol prices are largely determined by global market dynamics, foreign exchange rates, and supply conditions.

The refinery also stated it has absorbed approximately 20 percent of rising costs to help cushion domestic consumers. Meanwhile, data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates that imported petrol remains cheaper than locally refined products. According to MEMAN, Dangote petrol previously stood at ₦874 per litre, while imported petrol is priced at ₦809.37 per litre, making imports about ₦64 cheaper. MEMAN also reported that Dangote diesel costs ₦1,169.42 per litre, compared to ₦1,125.70 per litre for imported diesel.