The Dangote Petroleum Refinery has raised its Premium Motor Spirit (petrol) gantry price to N995 per litre, representing a sharp N221 increase within four days amid fluctuations in global crude oil prices and rising shipping costs.
A senior official of the refinery confirmed the development on Friday, explaining that the latest adjustment followed recent changes in global oil market dynamics.
“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said.
The new price marks an increase from N874 per litre, which had been introduced earlier in the week after the refinery initially raised its ex-depot price from N774 to N874 per litre.
With the latest revision, petrol from the refinery has moved from N774 to N995 per litre within four days, amounting to about a N221 or 29 per cent increase over the period.
Checks on petroleumprice.ng also confirmed that the updated gantry price had already been reflected on the portal, signalling a shift in domestic downstream pricing benchmarks.
The development could lead to another increase in retail pump prices nationwide, with petrol potentially selling above N1,050 per litre in several areas depending on transportation expenses and marketers’ margins.
The price adjustment also followed a brief suspension of petrol loading operations at the refinery, which had earlier triggered speculation among marketers that another price review might be imminent.
Sources disclosed that truck-out operations for petrol were halted around 2:00 a.m. on Friday, leaving depot owners and bulk marketers uncertain about the refinery’s next pricing move.
Industry participants noted that similar pauses in petrol loading at the facility have previously occurred shortly before price adjustments.
Officials of the refinery have consistently defended their pricing approach, maintaining that petrol prices must align with prevailing global crude oil prices, logistics expenses and operational realities.
In a statement issued on Thursday, the refinery emphasised that it does not fix prices arbitrarily but reviews them in response to movements in international markets and the cost of crude oil used in refining.
The company stated that its pricing model reflects Nigeria’s transition to a fully deregulated downstream petroleum market, where petrol prices are largely influenced by global crude oil prices, foreign exchange rates and supply conditions.
It also pledged to ensure Nigeria remains shielded from global supply disruptions by prioritising domestic supply amid the ongoing US-Iran war.
“The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. This is one of the many benefits of domestic refining.
“The conflict has driven global crude and freight prices sharply higher, with benchmark Brent crude prices rising by about 26 per cent within a short period to above $84.0 per barrel,” the statement read.
The refinery added that it has absorbed about 20 percent of the rising costs in an effort to reduce pressure on the domestic market.
Meanwhile, data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that imported petrol is currently cheaper than the product supplied by the refinery.
According to MEMAN data, Dangote’s petrol gantry price stood at N874 per litre as of Monday, while the landing cost of imported petrol was N809.37 per litre, indicating a difference of about N64 between the two sources.
MEMAN also reported that Dangote’s diesel price was N1,169.42 per litre compared with N1,125.70 per litre for imported diesel.
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