The Dangote Petroleum Refinery has again increased the gantry prices of petrol and diesel, heightening cost pressures on consumers and businesses across Nigeria.
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A senior official of the refinery confirmed the development on Tuesday night, attributing the adjustment to rising international crude oil prices and prevailing market conditions.
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Under the new pricing template, petrol rose by N75 per litre to N1,275, representing a 5.02 per cent increase, while diesel jumped by N200 per litre to N1,950.
The latest hike marks a significant increase from 1,175 to last month’s 1,200 per litre for petrol and N1,750 for diesel, pushing diesel closer to the N2,000 per litre mark.
“The adjustment is in line with global market trends,” the official said.
“You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. These are external factors that directly influence refined product pricing.”
He added, that “Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”
Data from Petroleumprice.ng corroborated the increase, indicating that the new petrol price reflects a 5.02 per cent rise at the gantry level.
The development comes amid expectations that increased local refining capacity would help stabilise fuel prices. However, industry experts say Nigeria remains vulnerable to global oil price volatility due to its reliance on international crude benchmarks.
The increase is expected to trigger a fresh round of pump price adjustments nationwide, as marketers are likely to pass the additional cost to consumers.
Global oil markets have remained volatile in recent weeks due to escalating geopolitical tensions in the Middle East, a key oil-producing region.
Analysts note that despite local refining efforts, Nigeria’s deregulated downstream sector means fuel prices will continue to respond to global trends, exchange rates, and logistics costs.
The latest hike also raises fresh concerns over affordability, with households and businesses already grappling with high energy and transportation costs.
