The Dangote Petroleum Refinery has announced another upward review of its gantry prices for petrol and diesel, intensifying financial pressure on consumers and businesses nationwide.
A senior official of the refinery, who confirmed the development on Tuesday night, said the adjustment was driven by global crude oil price movements and prevailing market conditions.
Under the revised pricing structure, petrol increased by N75 per litre to N1,275 about a 5.02 per cent rise while diesel climbed by N200 per litre to N1,950.
This represents a notable jump from last month’s rates of N1,200 per litre for petrol and N1,750 for diesel, placing diesel close to the N2,000-per-litre threshold and heightening cost concerns across the economy.
“The price adjustment aligns with global trends. Ongoing geopolitical tensions in the Middle East have significantly impacted crude oil prices, and these external factors directly affect refined product pricing,” the official explained.
He added, “Petrol has been increased by N75 to N1,275 per litre, representing about a five per cent rise, while diesel recorded a larger increase of N200 to N1,950 per litre. These changes reflect current international market realities.”
Data from Petroleumprice.ng supports the development, indicating a 5.02 per cent increase in petrol prices at the gantry level.
The hike comes despite earlier expectations that improved local refining capacity would help stabilise fuel prices. However, Nigeria continues to feel the effects of global oil price volatility, as domestic pricing remains tied to international crude benchmarks.
Industry observers warn that the increase may lead to higher pump prices across the country, as marketers are likely to pass on the added costs to consumers in the coming days.
Global oil markets have remained unstable in recent weeks, largely due to rising tensions in the Middle East a key hub for crude oil supply. Any disruption or perceived threat to supply routes often triggers price surges, which ripple through to refined petroleum products worldwide.
Although Nigeria is an oil-producing nation, its deregulated downstream sector means fuel prices are largely market-driven.
As a result, local prices are influenced by global crude oil rates, exchange rates, logistics expenses, and refinery operations.
While the Dangote Refinery Africa’s largest was expected to reduce reliance on fuel imports and help moderate prices, analysts note that as long as crude pricing is benchmarked globally, domestic fuel costs will remain sensitive to international developments.
The latest increase also raises fresh concerns about affordability, with many Nigerians already burdened by high transportation and energy costs. A sustained rise in fuel prices could further drive inflation and hinder economic recovery.
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