• Super Admin
• 06 Mar, 2026

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to N995 per litre, marking a sharp N221 jump in just four days amid volatility in global crude oil prices and rising shipping costs. Punch Newspaper in a report also quoted a senior official of the refinery to have confirmed the development on Friday, saying the latest price adjustment followed recent shifts in global oil market fundamentals. "Yes, the price has been reviewed. The new gantry price is now N995 per litre," the official said. The new rate represents an increase from N874 per litre, which was introduced earlier this week after the refinery raised its ex-depot price from N774 to N874 per litre. With the latest adjustment, petrol from the refinery has surged from N774 to N995 per litre within four days, representing an increase of about N221 or 29 per cent 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. Industry analysts say the development could trigger another round of increases in pump prices nationwide, with petrol likely to retail above N1,050 per litre in several locations depending on transportation costs and marketers' margins. The increase also followed a brief halt in petrol loading operations at the refinery, which had earlier fuelled speculation among marketers that another price hike was imminent. Sources said truck-out operations were suspended around 2:00 a.m. on Friday, leaving depot owners and bulk marketers uncertain about the refinery's next pricing direction. Market participants noted that similar pauses in petrol loading at the facility have previously preceded price adjustments. Officials of the refinery have repeatedly defended its pricing decisions, insisting that petrol prices must reflect prevailing global crude oil costs, logistics expenses and operational realities. In a statement issued on Thursday, the refinery stressed that it does not fix prices arbitrarily but adjusts them in response to international market movements and the cost of crude used for refining. According to the company, the pricing model reflects Nigeria's shift to a fully deregulated downstream petroleum market, where petrol prices are largely determined by global crude oil prices, foreign exchange rates and supply dynamics. The refinery also assured that it would prioritise domestic supply to shield Nigeria from disruptions linked to the ongoing tensions in the Middle East. "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 statement said. It added that the conflict has pushed global crude and freight costs higher, with benchmark Brent crude prices rising by about 26 per cent to above $84 per barrel within a short period. The refinery said it has absorbed about 20 per cent of the rising costs in an effort to cushion the impact on the domestic market. However, data from the Major Energies Marketers Association of Nigeria (MEMAN) indicated that imported petrol currently remains cheaper than locally refined fuel. According to MEMAN, Dangote's petrol gantry price stood at N874 per litre earlier in the week, while the landing cost of imported petrol was N809.37 per litre, creating a gap of about N64 per litre. The association also reported that Dangote's diesel price was N1,169.42 per litre, compared with N1,125.70 per litre for imported diesel. Source: https://hallmarknews.com/dangote-refinery-raises-petrol-price-to-n995-as-global-oil-turmoil-bites/