The Dangote Petroleum Refinery has once again increased the gantry prices of petrol and diesel, intensifying cost pressures on consumers and businesses across Nigeria.
A senior official at the facility confirmed the adjustment on Tuesday night, attributing the decision to prevailing international crude oil benchmarks and shifting market conditions.
Under the new pricing structure, petrol now sells at N1,275 per litre, representing an increase of N75 or about 5.02 percent. Diesel recorded a sharper rise, climbing by N200 to N1,950 per litre.
The latest adjustment marks a notable jump from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel, pushing diesel closer to the N2,000 per litre threshold—a development likely to ripple across transportation and production costs nationwide.
According to the refinery official, the increase reflects external market realities, particularly ongoing geopolitical tensions in the Middle East that continue to influence global crude oil prices.
“These adjustments are in line with global market trends. The situation in the Middle East has had a direct impact on crude oil pricing, which in turn affects refined petroleum products,” the source said.
Industry data from Petroleumprice.ng corroborates the increase, confirming the 5.02 percent rise in petrol prices at the gantry level.
The development comes despite earlier expectations that increased local refining capacity would help stabilise fuel prices. Analysts note that Nigeria’s downstream petroleum sector remains deregulated, meaning prices are still largely driven by global crude benchmarks, exchange rates, and logistics costs.
As a result, fluctuations in international oil markets continue to have a direct impact on domestic fuel pricing, regardless of local refining output.
Market observers warn that the latest hike is likely to translate into higher pump prices in the coming days, as marketers adjust to reflect the new costs. This could trigger a broader increase in the prices of goods and services, given the central role of fuel in transportation and supply chains.
The refinery, widely regarded as Africa’s largest, was expected to significantly reduce Nigeria’s reliance on imported refined products and ease pricing pressures. However, experts argue that as long as pricing remains tied to global oil dynamics, domestic fuel costs will remain vulnerable to external shocks.
With inflationary pressures already weighing on households and businesses, the new price regime raises fresh concerns about affordability and the pace of economic recovery.