Dangote Refinery Hikes Petrol Gantry Price To N995 Per Litre
The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to N995 per litre, marking a N221 rise in just four days amid global crude oil volatility and rising shipping costs.
A senior refinery official confirmed the adjustment to PUNCH Online on Friday, saying the price revision reflects recent changes in international oil market dynamics.
“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official stated.
This follows an earlier increase from N774 to N874 per litre earlier this week, meaning petrol prices at the refinery have jumped nearly 29 per cent in less than a week.
Petroleumprice.ng has already updated the new gantry price, indicating potential upward adjustments at retail pumps, with petrol likely to sell above N1,050 per litre in some areas depending on transport costs and marketers’ margins.
The revision came after a brief suspension of petrol loading operations at the refinery around 2:00 a.m. on Friday, which had sparked speculation among depot owners and marketers about an imminent price hike. Historically, such pauses in truck-out operations have preceded price adjustments.
Dangote Petroleum has defended its pricing, saying petrol costs are tied to global crude prices, logistics, and operational realities. In a statement on Thursday, the refinery stressed that prices are not set arbitrarily but reflect international market trends and the cost of crude used in refining.
The refinery noted that Nigeria’s move to a fully deregulated downstream market means domestic petrol prices are increasingly influenced by global crude rates, foreign exchange fluctuations, and supply conditions.
It also emphasized that domestic refining helps insulate Nigeria from global supply shocks, particularly amid tensions in the US-Iran region. “The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. The conflict has driven global crude and freight prices sharply higher, with Brent crude rising about 26 per cent to over $84 per barrel,” the statement read.
The refinery added that it has absorbed roughly 20 per cent of the rising costs to ease pressure on domestic consumers.
Data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that imported petrol remains cheaper than Dangote’s refined fuel. As of Monday, Dangote’s gantry price was N874 per litre, while imported petrol landed at N809.37 per litre, a difference of about N64. Diesel followed a similar trend, with Dangote’s diesel priced at N1,169.42 per litre compared with N1,125.70 per litre for imported diesel.
