Dangote Refinery Increases Petrol Gantry Price to N995 Per Litre

The Dangote Petroleum Refinery has adjusted the gantry price of Premium Motor Spirit (petrol) to N995 per litre, reflecting a N221 increase over the past four days. The price review, which took effect on Friday, is attributed to fluctuations in global crude oil prices and rising shipping costs.

A senior official at the refinery confirmed the development to PUNCH Online, stating that the adjustment aligns with 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 latest revision follows two earlier price changes within the week. The refinery had previously raised its ex-depot price from N774 to N874 per litre, before moving to the current rate. Over the four-day period, the price has increased by approximately 29 percent.

According to checks on petroleumprice.ng, the updated gantry price has been reflected on the platform, indicating a shift in domestic downstream pricing benchmarks.

Industry observers suggest the increase may lead to higher retail pump prices across the country. Petrol could now sell for over N1,050 per litre in some areas, depending on transportation costs and marketer margins.

The price adjustment comes shortly after a temporary halt in petrol loading at the refinery. Sources confirmed that truck-out operations were suspended around 2:00 a.m. on Friday, creating uncertainty among depot owners and bulk marketers. Similar pauses in the past have often preceded price changes.

In a statement issued on Thursday, the Dangote Refinery explained that its pricing decisions are not arbitrary but are based on prevailing global crude prices, logistics costs, and market realities. The company noted that Nigeria’s fully deregulated downstream sector now sees petrol prices influenced by international oil prices, foreign exchange rates, and supply dynamics.

The refinery also referenced the impact of geopolitical tensions, including the ongoing US-Iran conflict, which it said has pushed global crude and freight prices higher. “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.

Dangote Refinery added that it had absorbed about 20 percent of the increased costs to reduce pressure on the domestic market and assured that it would continue to prioritise local supply to insulate Nigeria from global supply disruptions.

Meanwhile, data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates that imported petrol is currently about N64 cheaper per litre than Dangote’s product. As of Monday, MEMAN数据显示 Dangote’s petrol gantry price stood at N874 per litre, compared to a landing cost of N809.37 per litre for imported fuel. Diesel prices followed a similar trend, with Dangote’s product at N1,169.42 per litre and imported diesel at N1,125.70 per litre.