The Dangote Petroleum Refinery has implemented a significant increase in the gantry price of its Premium Motor Spirit (PMS), raising it to N995 per litre.
This adjustment marks a sharp N221 rise—approximately 29 percent—within just four days, a move attributed to the extreme volatility in global crude oil prices and escalating shipping costs.
A senior official at the refinery confirmed the new pricing to PUNCH on Friday, citing shifts in global market fundamentals as the primary driver.
The official stated: “Yes, the price has been reviewed. The new gantry price is now N995 per litre.”
Read Also: Dangote Refinery Raises Petrol Price To N875 Per Litre
This latest hike follows a climb from an initial N774 to N874 earlier in the week, before settling at the current N995.
This trend has already been reflected on the petroleumprice.ng portal, signaling a new benchmark for the domestic downstream sector.
Market analysts predict that this could push retail pump prices above N1,050 per litre across the country, depending on local logistics and profit margins.
The price hike was preceded by a brief suspension of petrol loading at the facility around 2:00 a.m. on Friday, a move that historically signals an imminent price change to marketers. The refinery has defended these decisions, maintaining that prices must align with the realities of a deregulated market, including international crude costs and foreign exchange rates.
In a statement issued on Thursday, the refinery emphasized that it is not setting prices arbitrarily, noting: “The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. This is one of the many benefits of domestic refining.”
The refinery also highlighted the impact of the ongoing US-Iran conflict, which has caused benchmark Brent prices to surge by roughly 26 percent to over $84.0 per barrel.
The statement further explained: “The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26 per cent within a short period to above $84.0 per barrel.”
Despite the hike, the refinery claimed to have absorbed about 20 percent of these rising costs to help soften the blow for the Nigerian market.
Despite the refinery’s efforts to prioritize the local market, data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates a price gap between local and foreign fuel.
As of Monday, when Dangote’s price was N874, the landing cost of imported petrol was N809.37 per litre—making the imported product about N64 cheaper.
A similar trend was noted in diesel prices, with Dangote’s product priced at N1,169.42 compared to N1,125.70 for imported diesel.
