Dangote Refinery Raises Petrol Price To ₦995 Amid Global Oil Tensions
Refinery Adjusts Price as Global Oil Market Tightens
THE Dangote Petroleum Refinery and Petrochemicals has raised its petrol gantry price to ₦995 per litre, marking another increase in domestic fuel pricing amid rising global crude oil costs linked to tensions in the Middle East.
The adjustment comes only days after the refinery increased its ex-depot price for Premium Motor Spirit (PMS) from ₦774 to ₦875 per litre, representing a ₦101 rise earlier in the week.
With the latest change, the price has climbed ₦120 from ₦875 to ₦995 per litre, pushing the cumulative increase significantly higher since the recent escalation in geopolitical tensions affecting global energy markets.
Industry observers note that the price adjustment reflects broader pressures in international crude oil markets, including increased shipping insurance costs and disruptions linked to military strikes involving the United States, Israel and Iran.
Dangote Group Reacts
Reacting to the development, the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, neither confirmed nor denied the new pricing but pointed to global market realities.
He highlighted the surge in crude oil prices and rising logistics costs triggered by geopolitical tensions in the Middle East as major factors influencing fuel prices.
According to him, insurance premiums for shipping and transportation costs have also risen sharply in response to the conflict.
Market Data Confirms Adjustment
Independent checks on petroleum pricing platform petroleumprice.ng confirmed that the updated ₦995 per litre gantry price had already been reflected on the portal.
Meanwhile, fresh data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates that the landing cost of imported petrol has climbed to ₦910.66 per litre as of Thursday.
The figures were published in MEMAN’s Competency Centre Energy bulletin, highlighting the growing cost pressures facing fuel marketers and refiners.
Analysts say the rising costs could translate into higher pump prices across the country if the trend continues.
