The Dangote Petroleum Refinery has raised its gantry price for Premium Motor Spirit (petrol) to ₦995 per litre, marking a significant increase within a short period.
The adjustment represents a sharp ₦221 rise in just four days, largely driven by volatility in global crude oil prices and higher shipping costs.
A senior official of the refinery confirmed the development to The Punch on Friday, explaining that the latest adjustment reflects recent movements in the international oil market.
“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said.
The new price comes after the refinery earlier raised its ex-depot rate from ₦774 to ₦874 per litre. That ₦874 price was introduced earlier this week, meaning petrol from the facility has now jumped from ₦774 to ₦995 per litre in just four days — an increase of about ₦221, or roughly 29 per cent.
Checks on Petroleumprice.ng showed that the revised gantry price has already been reflected on the portal, signalling a shift in domestic downstream pricing benchmarks.
The development could trigger another round of increases in pump prices nationwide, with petrol potentially selling above ₦1,050 per litre in many areas depending on transportation costs and marketers’ margins.
The price adjustment also followed a temporary suspension of petrol loading operations at the refinery.
Truck-out activities reportedly stopped at around 2:00 a.m. on Friday, leaving depot operators and bulk marketers uncertain about the refinery’s next pricing move. Industry participants noted that such pauses in loading operations have often preceded price reviews at the facility.
Officials at the refinery have consistently defended the pricing model, maintaining that petrol prices must align with global crude oil costs, logistics expenses and operational realities.
In a statement issued on Thursday, the refinery stressed that it does not arbitrarily fix prices but adjusts them in line with developments in the international oil market and the cost of crude used for refining.
“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 prices rising by about 26 per cent within a short period to above $84.0 per barrel,” the statement read.
The company also noted that it has absorbed about 20 per cent of the rising costs in a bid to ease pressure on consumers in the local market.
Amid the escalating tensions in the Middle East, data from the Major Energies Marketers Association of Nigeria indicated that imported petrol was cheaper than the product supplied by the refinery.
According to the association, Dangote’s petrol gantry price stood at ₦874 per litre as of Monday, while the landing cost of imported petrol was estimated at ₦809.37 per litre, about ₦64 lower.
The data also showed that Dangote’s diesel was priced at ₦1,169.42 per litre, compared to ₦1,125.70 per litre for imported diesel.
