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The Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit, commonly known as petrol, by N65 per litre, just three days after its previous hike.
The new adjustment, which moves the refinery’s gantry price from N1,200 to N1,265 per litre, took effect on Saturday.
This marks the third price adjustment by the refinery in an eight-day span, bringing the total increase over the period to N100 per litre, or 8.6 percent.
The recent change was announced in an official price communication issued by the Dangote Petroleum Refinery and Petrochemicals.
Additionally, the facility raised its coastal price from N1,582,380 to N1,669,545 per metric tonne.
Customers were instructed to submit all existing Authorisations to Collect for repricing prior to product loading.
The company stated: “You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption.”
The latest change represents a 5.4 percent increase in the gantry rate.
The refinery previously raised its petrol price from N1,165 to N1,185 per litre on August 21, followed by another N15 hike to N1,200 on August 26.
With Saturday’s adjustment, the facility has pushed its petrol price up by N100 per litre in slightly over a week.
This move is anticipated to spark fresh adjustments across depot and retail prices as marketers modify their figures to account for higher supply costs.
Industry tracking platform Petroleumprice.ng suggests the adjustment might be tied to rising freight rates.
The development also occurs against the backdrop of global concerns regarding the impact of the Iran-US conflict on international crude supplies and refined product pricing.
Following the refinery’s August 26 price adjustment, independent petroleum marketers cautioned that fluctuating crude costs, foreign exchange rates, and other market factors were complicating business operations.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, noted that petrol was already retailing between N1,250 and N1,300 per litre in certain areas.
He warned that further instability in the global oil market could intensify price volatility and place additional burdens on consumers.
The latest adjustment by Dangote places its gantry price N265 above the N1,000 per litre mark, fueling expectations of upcoming spikes in retail fuel costs and transportation expenses.
Africa’s largest oil facility, the Dangote refinery features a nameplate capacity of 700,000 barrels per day and serves as a primary supplier of refined petroleum products within Nigeria.
Reuters recently reported that the refinery has been operating near its full 700,000 barrel-per-day capacity, with 30 to 40 percent of its crude feedstock sourced via imports.
This dependence on imported crude leaves the refinery vulnerable to shifts in global crude prices, shipping freight charges, and logistics overhead.
Consequently, the latest price review is expected to heavily influence downstream petrol pricing across the market in the days ahead.
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