Dangote Refinery Raises Petrol Price To N1,175 Per Litre

The Dangote Petroleum Refinery has again increased the gantry price of Premium Motor Spirit, popularly known as petrol, to N1,175 per litre, marking another upward review in fuel pricing.

The latest adjustment represents the third increase in petrol prices within seven days, raising fresh concerns among marketers and consumers about a potential surge in pump prices across the country.

The new gantry price was communicated to petroleum marketers and depot operators on Monday.

It represents a sharp increase from N995 per litre, which the refinery had announced last Friday.

The N180 increase per litre, amounting to an 18.1 per cent rise within three days, has sparked worries within the downstream petroleum sector.

Industry operators say the development could trigger another round of price adjustments at filling stations nationwide.

Stakeholders in the petroleum sector warned that the price hike could further drive up transportation costs and the prices of goods and services.

With fuel playing a critical role in Nigeria’s logistics and supply chains, analysts say the development could worsen the financial pressure on households already grappling with high inflation.

In addition to the petrol hike, the refinery also increased the gantry price of Automotive Gas Oil (AGO), commonly known as diesel.

Industry sources said the price of diesel has now been adjusted to about N1,620 per litre.

The simultaneous increase in both petrol and diesel prices is expected to affect businesses that rely heavily on diesel-powered generators and transportation.

The development comes amid increasing volatility in global oil markets, largely driven by geopolitical tensions in the Middle East.

Crude oil prices surged sharply, climbing to $104.4 per barrel, up from $92.69 recorded the previous day.

Energy analysts say such spikes in global crude prices often translate into higher domestic fuel prices, especially in markets that rely on international pricing benchmarks.

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria has warned that petrol prices could rise dramatically if the ongoing conflict in the Middle East continues.

The National President of the association, Billy Gillis-Harry, said the situation could push petrol prices close to N2,000 per litre, while diesel may approach N3,000 per litre.

Gillis-Harry issued the warning on Monday in Port Harcourt while delivering a keynote address titled “Deconstructing Energy Trilemma.”

The lecture was organised by the Department of Petroleum Economics and Policy Studies, Ignatius Ajuru University of Education.

According to him, the persistence of geopolitical conflicts affecting oil supply chains could significantly disrupt fuel pricing globally, with direct consequences for Nigeria’s domestic energy market.