JUST IN: Dangote Raises Petrol Price To N1,175 Per Litre

The Dangote Refinery and Petrochemicals (DPRP) has raised its gantry rate for the Premium Motor Spirit (PMS) petrol to N1,175 per litre from N995/l.

Also, Automotive Gas Oil (AGO), also known as diesel, has been raised to N1,620 per litre.

The Independent Petroleum Marketers Association of Nigeria (IPMAN), National President Alhaji Abubakar Maigandi, who confirmed this on phone on Monday, added that the other depots now sell the product at N1,200 per litre.

A source in the industry said “Dangote Refinery was selling petrol N1,175/l while Pinnacle was selling it for N1200/l,” stressing “but Dangote is not loading.”

The increase followed the crises in the Middle East that has raised the prices of crude oil to $115 per barrel.

Crude oil is the main component in the PMS pricing template.

As at the time of writing this report, the retail outlets in the Federal Capital Territory (FCT) were yet to adjust their pump prices from the N1,075 per litre and N1,090 per litre.

The latest revision marked the fourth consecutive price review in less than two weeks, highlighting mounting pressure in Nigeria’s downstream petroleum market amid global oil price volatility.

The development came after the refinery temporarily suspended petrol loading operations and restricted truck-out activities, which had fuelled speculation among market participants about an imminent price adjustment.

Under the revised structure, the N1,175 per litre petrol price represents a sharp increase from the previous N995 per litre, while diesel has risen significantly from N1,430 per litre, reinforcing the upward trend in domestic fuel pricing.

The price adjustments coincided with a rally in international crude oil benchmarks. As of 1:00 pm WAT, Brent crude was trading at about $102.8 per barrel, up 10.9 percent, while West Texas Intermediate crude stood at around $101.0 per barrel, up 11.1 percent.

Market participants said pricing decisions by the Dangote refinery often set the tone for depot prices across major fuel distribution hubs in Nigeria. Marketers are therefore expected to adjust their pricing strategies in response to the new gantry rates.

Analysts warned that the development could trigger a ripple effect across the downstream sector, as depot operators and fuel marketers recalibrate supply costs in line with the revised prices announced by the country’s largest refining facility.