The Dangote Petroleum Refinery has increased the gantry prices of petrol and diesel, raising fresh concerns about rising energy costs for consumers and businesses across Nigeria.
A senior official at the refinery confirmed the development on Tuesday night, saying the adjustment was driven by movements in international crude oil prices and prevailing market conditions.
Under the revised pricing template, petrol rose by N75 per litre to N1,275, representing an increase of about 5.02 per cent. Diesel recorded a sharper increase of N200 per litre, climbing to N1,950.
The latest adjustment represents a notable rise from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel. The new diesel price also brings the product closer to the N2,000-per-litre mark at the pump, a development that could further increase operating costs for businesses and transportation services.
According to the refinery official, the decision reflects global market dynamics, particularly recent geopolitical tensions affecting crude oil supply.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. These are external factors that directly influence refined product pricing,” the official said.
He added that petrol was reviewed upward by N75 to N1,275 per litre, while diesel rose more significantly by N200 to N1,950 per litre, noting that the changes reflect prevailing international market realities.
Data from Petroleumprice.ng corroborated the development, indicating that the new petrol price represents a 5.02 per cent increase at the gantry level.
The increase comes despite earlier expectations that expanded local refining capacity would help stabilise fuel prices in Nigeria. Analysts, however, say the country remains exposed to global oil price fluctuations because refined product pricing continues to be tied to international crude benchmarks.
Industry observers also warn that the new gantry prices could trigger fresh increases in pump prices nationwide, as marketers are likely to pass on the higher costs to consumers.
Global oil markets have experienced heightened volatility in recent weeks due to escalating tensions in the Middle East, a region responsible for a significant share of the world’s crude oil supply. Any disruption or perceived risk to supply routes typically leads to price spikes across global energy markets.
Although Nigeria is a major crude oil producer, the country operates a deregulated downstream petroleum sector where fuel prices are largely determined by market forces such as international crude prices, exchange rates, logistics costs, and refinery operations.
The Dangote Petroleum Refinery, Africa’s largest refining facility, was widely expected to reduce Nigeria’s dependence on imported fuel and help moderate domestic prices. However, experts note that as long as crude oil pricing remains linked to global benchmarks, domestic fuel prices will continue to fluctuate in response to international developments.
