Dangote Refinery Raises Petrol Gantry Price to N995 per Litre Amid Global Oil Market Pressures
By ThankGod Inalegwu
The Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to N995 per litre, marking a sharp rise of N221 within four days as global crude oil prices and shipping costs continue to fluctuate.
A senior official of the refinery confirmed the development on Friday, stating that the new price adjustment reflects recent changes in international oil market fundamentals.
“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said.
The latest increase follows an earlier adjustment earlier in the week when the gantry price moved from N774 to N874 per litre, bringing the total increase to nearly 29 percent within four days.
Industry observers say the revised gantry price could trigger higher retail pump prices across the country. Data updated on petroleumprice.ng indicates that petrol may now sell above N1,050 per litre in some locations depending on transportation costs and marketers’ margins.
The price review came shortly after a brief suspension of petrol loading operations at the refinery on Friday morning, which had sparked speculation among petroleum marketers about a possible price change.
Historically, pauses in truck-out operations at the facility have often preceded price adjustments.
In a statement issued on Thursday, the refinery defended its pricing model, explaining that petrol prices are largely influenced by global crude oil prices, logistics costs, and operational realities in the international market.
The refinery noted that the pricing structure aligns with Nigeria’s shift to a fully deregulated downstream petroleum market, where fuel prices are determined by international crude oil trends, foreign exchange rates, and supply-demand dynamics.
According to the company, recent geopolitical tensions in the Middle East have contributed to rising crude oil prices, with the global benchmark Brent Crude climbing by about 26 percent to above $84 per barrel.
Despite the rising costs, the refinery stated that it had absorbed roughly 20 percent of the increase in order to reduce the burden on domestic consumers.
“The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritizing supply to the domestic market. This is one of the many benefits of domestic refining,” the statement said.
Meanwhile, data from the Major Energy Marketers Association of Nigeria indicates that imported petrol currently remains about N64 cheaper per litre than locally refined petrol from the Dangote facility.
As of Monday, the refinery’s petrol gantry price stood at N874 per litre, while the landing cost of imported petrol was estimated at N809.37 per litre.
Similarly, Dangote’s diesel was priced at N1,169.42 per litre, compared with the landing cost of imported diesel at N1,125.70 per litre, according to MEMAN data.
Analysts warn that the new price increase could add further pressure on transportation costs, inflation, and household spending across Nigeria if pump prices rise significantly in the coming days.