Dangote Refinery Hikes Petrol Price by ₦85 Per Litre

Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦85 per litre, marking its fourth upward price review in less than a month and signaling fresh pressure on fuel prices across Nigeria.

The new wholesale price increases the refinery’s gantry rate from ₦1,265 to ₦1,350 per litre, with the adjustment taking effect on September 12, according to a pricing circular issued to marketers and bulk buyers. The refinery also revised its coastal loading price for marine deliveries, reflecting higher replacement costs for petroleum products.

The latest increase follows a series of price adjustments that began on August 21. Over a period of just 22 days, the refinery has moved its gantry price from ₦1,165 to ₦1,350 per litre, representing a cumulative increase of ₦185, or nearly 16%. Punch Newspapers

Industry analysts say the revision is closely linked to the sharp rise in international crude oil prices following escalating geopolitical tensions in the Middle East. Global supply concerns have driven up the cost of crude and refined petroleum products, forcing refiners to adjust domestic prices despite Nigeria’s growing local refining capacity.

The increase is expected to ripple through the downstream sector, with independent marketers likely to review pump prices in the coming days as they adjust to the higher wholesale acquisition cost. Although Dangote’s price applies primarily to depot and bulk purchases rather than retail sales, it typically serves as a key benchmark for fuel pricing nationwide.

Customers with existing loading approvals have also been directed to return their previous Authority to Collect documents for repricing, after which revised volume contracts will be issued to enable continued product lifting under the new pricing structure.

The refinery, which has transformed Nigeria into a major producer of locally refined petrol, has argued that domestic prices cannot be completely insulated from movements in the global oil market because crude oil remains internationally priced. The company is simultaneously preparing for its landmark public share offer while expanding crude supply and long-term refining capacity.

For consumers, the latest adjustment is another reminder that local refining does not eliminate exposure to global energy shocks. As international oil markets remain volatile, the balance between domestic production, affordable fuel and market-driven pricing is becoming one of the defining challenges of Nigeria’s evolving downstream petroleum industry.