Dangote Refinery Raises Petrol Price To ₦1,175 Per Litre, Diesel To ₦1,620
Dangote Refinery Raises Petrol, Diesel Depot Prices
DANGOTE Petroleum Refinery has raised its ex-depot prices for petrol and diesel, marking the fourth adjustment within two weeks and signalling increasing pressure in Nigeria’s downstream petroleum market.
Under the new pricing template communicated to fuel marketers, the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, has increased to ₦1,175 per litre, while Automotive Gas Oil (AGO), or diesel, now sells at ₦1,620 per litre.
Industry sources confirmed that the revised rates took effect after the refinery reviewed its supply pricing amid rising international crude oil costs.
Fourth Price Adjustment in Two Weeks
The latest increase represents a sharp jump from the refinery’s previous depot prices. Petrol was earlier sold at ₦995 per litre, while diesel was priced around ₦1,430 per litre.
Market participants say the development reflects the volatile conditions currently affecting Nigeria’s fuel supply chain, with crude oil price movements and operational costs influencing local pricing decisions.
The refinery had also recently suspended petrol loading and restricted truck-out activities, a move that triggered speculation among marketers that another price review was imminent.
The temporary operational adjustment, according to industry observers, may have been part of internal pricing recalibrations before the new template was announced.
Impact on Nigeria’s Fuel Market
Pricing decisions by the Dangote refinery carry significant weight in the Nigerian petroleum market. As the country’s largest refining facility, its depot prices often influence fuel costs across major distribution hubs nationwide.
With the new gantry rates, fuel marketers are expected to review their retail pricing, potentially leading to higher pump prices in the coming days.
Analysts say depot operators across the country typically align their pricing structures with changes introduced by the refinery.
Global Oil Prices Driving Adjustments
The price changes coincided with a surge in global crude oil benchmarks.
At about 1:00 pm West African Time, Brent Crude was trading at approximately $102.8 per barrel, representing a 10.9 percent increase. Meanwhile, West Texas Intermediate stood at about $101.0 per barrel, up 11.1 percent.
Energy analysts say fluctuations in international crude prices often have a direct impact on refining costs and domestic fuel pricing, particularly in markets where deregulation allows market forces to determine prices.
Possible Ripple Effects
Experts warn that the refinery’s latest adjustment could trigger a broader ripple effect across Nigeria’s downstream sector.
As marketers adjust to the new depot rates, transportation costs, logistics expenses, and retail pricing structures may also shift.
For consumers already grappling with rising living costs, the latest development raises concerns about potential increases in pump prices and transport fares if the upward pricing trend continues.
