Dangote Raises Petrol Price, Announces New Rate

Dangote Refinery has effected another upward price adjustment, raising its ex-depot price of Premium Motor Spirit to N1,350 per litre.

The latest adjustment, confirmed on Wednesday by a senior official of Dangote Refinery and pricing platform Petroleumprice.ng, represents a N75 increase from the previous N1,275 per litre, reinforcing a pattern of frequent price recalibrations that has defined the market in recent weeks.

The official said the new gantry price has been implemented across all loading channels, forcing marketers to immediately adjust their pricing templates amid tight supply conditions and shifting cost realities.

A senior official familiar with the development said, “The new pricing template has been activated across the board. All loading points have been updated, and marketers are already responding by adjusting their depot prices. This is not an isolated change; it reflects prevailing supply and cost pressures in the system.”

The price increase comes barely a week after Dangote Refinery raised its ex-depot price from N1,200 to N1,275 per litre, highlighting the rapid pace of adjustments in the downstream market and the refinery’s growing influence on domestic fuel pricing.

It is also the second N75 increase within seven days.

Despite these upward revisions, a senior management official of the Dangote Group recently revealed that the Dangote Petroleum Refinery has been subsidising the petrol and diesel it sells to the Nigerian market.

The fresh increase also comes against the backdrop of a temporary halt in the issuance of pro forma invoices earlier this week, a development that market players say further constrained product availability and intensified upward price movements across the downstream value chain.

“The suspension of PFI created a short-term supply squeeze,” the official added. “When you combine that with international crude price movements and logistics costs, it becomes inevitable that depot prices will adjust upward. What we are seeing is a direct market response to those realities.”

Within the past month, Dangote Refinery has adjusted its petrol prices multiple times, reflecting changes in crude sourcing costs, foreign exchange pressures, and domestic distribution dynamics.

The hike underscores a broader trend of sustained price volatility linked to the refinery’s evolving pricing strategy since it began dominating local supply.

It had earlier reduced prices slightly in response to competition and inventory build-up, only to reverse course as supply tightened and global oil prices firmed.

The frequent price movements signal a transition phase in Nigeria’s deregulated fuel market, where domestic refining is beginning to replace imports but is still exposed to international cost variables.

The increase is expected to cascade into higher pump prices across the country, as marketers pass on the additional costs to consumers already grappling with inflation and high transportation expenses.

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For millions of Nigerians, however, the immediate concern remains the impact on daily living costs, as another petrol price hike threatens to push transportation fares and commodity prices even higher.