• Super Admin
• 06 Mar, 2026

The Dangote Petroleum Refinery has raised its Premium Motor Spirit (petrol) gantry price to N995 per litre, representing a sharp N221 increase in just four days, amid fluctuations in global crude oil prices and rising shipping costs A senior refinery official confirmed the adjustment to PUNCH Online on Friday, explaining that the hike reflects recent shifts in international oil market conditions. "Yes, the price has been reviewed. The new gantry price is now N995 per litre," the official said. The new price follows an earlier increase from N774 to N874 per litre earlier this week, meaning petrol prices at the refinery have surged by 29 per cent in just four days. Checks on petroleumprice.ng confirm that the updated gantry price is now reflected on the portal, signaling a likely shift in domestic downstream pricing. Analysts warn this could push retail pump prices above N1,050 per litre in some areas, depending on transportation costs and marketers' margins. The revision comes after a brief suspension of petrol loading operations at the refinery, which fueled speculation among marketers of an imminent price hike. Sources said truck-out operations were paused around 2:00 a.m. on Friday, leaving depot owners and bulk marketers uncertain about the refinery's next pricing move. Historically, such pauses have often preceded price adjustments. The refinery has consistently defended its pricing decisions, noting that petrol prices are tied to global crude oil prices, logistics costs, and operational realities. In a statement on Thursday, it stressed that price changes are not arbitrary but based on international market trends and the cost of crude used in refining. Dangote Petroleum highlighted that its pricing approach aligns with Nigeria's transition to a fully deregulated downstream sector, where petrol prices are largely influenced by global crude prices, exchange rates, and supply dynamics. The refinery also noted that domestic refining helps shield Nigeria from global supply shocks, particularly amid the ongoing US-Iran tensions. "The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. The conflict has driven global crude and freight prices sharply higher, with Brent benchmark prices rising about 26 per cent to over $84 per barrel," the statement read. The refinery said it has absorbed around 20 per cent of the rising costs to help ease the burden on domestic consumers. Data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that imported petrol remains cheaper than Dangote's locally refined petrol. As of Monday, the refinery's gantry price was N874 per litre, while imported petrol landed at N809.37 per litre -- a difference of roughly N64. Similarly, Dangote diesel was N1,169.42 per litre, compared with N1,125.70 per litre for imported diesel. Source: https://ladunliadinews.com/dangote-hikes-petrol-price-to-n995/