Petrol rises to N995 per litre as Dangote refinery reviews price

The Dangote Petroleum Refinery has raised its gantry price for Premium Motor Spirit (petrol) to N995 per litre, representing a sharp increase of N221 within four days amid fluctuations in global crude oil prices and shipping costs.
A senior official of the refinery confirmed the development on Friday, explaining that the new price reflects recent shifts in international oil market fundamentals.

“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said.
The adjustment follows an earlier increase earlier in the week when the price moved from N774 to N874 per litre, bringing the total rise to about 29 percent within four days.
The revised gantry price has also been updated on petroleumprice.ng, indicating a possible increase in retail pump prices across the country, with petrol likely selling above N1,050 per litre in some areas depending on transportation costs and marketers’ margins.
The latest adjustment came after a brief suspension of petrol loading operations at the refinery on Friday morning, a development that had sparked speculation among marketers about a possible price review.
Historically, pauses in truck-out operations at the facility have often preceded price adjustments.
The refinery defended its pricing approach, stating that petrol prices are influenced by global crude oil prices, logistics costs and operational realities.
In a statement on Thursday, the refinery explained that its pricing aligns with Nigeria’s transition to a fully deregulated downstream petroleum market, where prices are largely determined by international crude prices, foreign exchange rates and supply dynamics.
Amid rising tensions in the Middle East, the refinery noted that it had absorbed about 20 percent of the increased costs in order to cushion the impact on domestic consumers.
“The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritizing supply to the domestic market. This is one of the many benefits of domestic refining,” the statement said, adding that benchmark Brent crude prices recently rose by about 26 percent to above $84 per barrel.
Data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that imported petrol is still about N64 cheaper per litre than petrol produced by Dangote.
As of Monday, Dangote’s petrol gantry price stood at N874 per litre, while the landing cost of imported petrol was N809.37 per litre.
Similarly, Dangote diesel sold at N1,169.42 per litre, compared to the landing cost of imported diesel at N1,125.70 per litre.