The Dangote Petroleum Refinery has increased its gantry prices for petrol and diesel, adding to the financial strain on consumers and businesses across Nigeria.
A senior official at the refinery confirmed the adjustment on Tuesday, explaining that the new pricing reflects current international crude oil trends and broader market conditions.
Under the revised rates, petrol now sells at N1,275 per litre, up by N75 from its previous price of N1,200—an increase of just over five per cent. Diesel saw a steeper rise, climbing by N200 to N1,950 per litre from N1,750 recorded last month.
The official attributed the price hike to external pressures, particularly instability in the Middle East, which has driven up global crude oil prices. According to him, such international developments directly impact the cost of refined petroleum products.
Recent figures from Petroleumprice.ng support the increase, showing that petrol prices at the gantry level have risen by approximately 5.02 per cent.
The development comes despite earlier expectations that increased domestic refining capacity would help stabilise fuel prices. Analysts, however, note that Nigeria’s continued reliance on global crude benchmarks means local prices remain vulnerable to international market fluctuations.
With the latest adjustment, marketers are likely to raise pump prices nationwide, passing the added costs on to consumers. Diesel, in particular, is edging closer to the N2,000 per litre mark, raising concerns about higher transportation and production costs.
Global oil markets have remained unstable in recent weeks due to rising geopolitical tensions in the Middle East, a key oil-producing region. Any threat to supply chains often results in price surges that ripple through to refined products worldwide.
Although Nigeria is a major oil producer, its deregulated downstream sector allows fuel prices to be dictated by market forces. Factors such as exchange rates, logistics, and international crude prices continue to shape domestic pricing.
While the Dangote refinery, Africa’s largest was expected to reduce dependence on imports and bring price relief, experts argue that fluctuations will persist as long as pricing is tied to global oil dynamics.
The latest increase is likely to deepen concerns over affordability, as Nigerians continue to face rising energy and transportation costs, with potential knock-on effects on inflation and economic recovery.