Tag: Petrol Price

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.

Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) by N101, raising it from N774 to N875 per litre, fueling concerns of fresh fuel price surges across Nigeria. A senior official at the refinery confirmed the adjustment, attributing it to recent fluctuations in global crude oil prices. “Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. Industry monitoring site petroleumprice.ng has already reflected the revised rate, signaling a shift in downstream pricing benchmarks. The increase follows the refinery’s suspension of petrol loading operations starting midnight on March 2, 2026, after international crude prices jumped past $80 per barrel. Reports indicate that PMS loading and the issuance of Proforma Invoices were temporarily halted, while diesel (Automotive Gas Oil) continued to be loaded. The move prompted several private depot operators nationwide to suspend petrol sales for the day. “Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator noted. The spike in global crude prices is linked to heightened tensions between the United States and Iran, raising fears of potential supply disruptions, particularly in the strategic Strait of Hormuz.

Dangote Petroleum Refinery has increased the price of petrol sold to marketers from N699 per litre to N799 per litre, with MRS filling stations now retailing the fuel at N839 per litre. In a statement on Monday evening, the refinery said the adjustment follows the end of the festive season. “With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability. Under the current alignment, the PMS gantry price is N799 per litre, while MRS retail outlets are selling at N839 per litre,” it said. The refinery stressed its commitment to stable pricing and a steady petrol supply nationwide. It noted that during the festive period, prices were temporarily reduced to ease financial pressure on households during high spending periods. According to the statement, this marks the second consecutive festive season in which the refinery absorbed extra costs in the national interest, citing logistics support in 2024 and a price cut in 2025 as part of efforts to keep fuel affordable and maintain market calm. “Despite the price reduction, many filling stations failed to reflect the new price at the pump, thereby denying Nigerians the benefits of the reduction,” the statement added.