The Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit (petrol) to N995 per litre, representing a sharp N221 increase within four days.
A senior refinery official confirmed the adjustment on Friday, attributing the latest price hike to fluctuations in global crude oil prices and rising shipping costs.
According to the official, the new price replaces the N874 per litre rate introduced earlier in the week, which had already been raised from N774 per litre.
With the latest revision, petrol from the refinery has risen from N774 to N995 per litre in just four days — an increase of about 29 per cent.
Industry checks also confirmed that the updated gantry price has been reflected on petroleumprice.ng, signalling a new benchmark in the domestic downstream market.
The price adjustment is expected to push retail pump prices above N1,050 per litre in several parts of the country, depending on transportation costs and marketers’ margins.
The development follows a brief suspension of petrol loading operations at the refinery early Friday, a move that had fuelled speculation among marketers that another price change was imminent.
Refinery officials have maintained that petrol pricing reflects global market conditions, including crude oil prices, logistics costs, and operational factors.
The refinery said the adjustments are part of Nigeria’s fully deregulated downstream petroleum market, where fuel prices are influenced by international crude prices, foreign exchange rates, and supply dynamics.
It also noted that rising global crude prices—partly driven by geopolitical tensions in the Middle East—have pushed Brent crude above $84 per barrel, increasing refining and transportation costs.
Despite this, the refinery stated it has absorbed about 20 per cent of the cost increase to reduce pressure on the domestic market while prioritising fuel supply within Nigeria.
