Dangote Refinery raises petrol, diesel prices amid global oil rally

By: Amarachi Okonkwo

Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS) to N1,175 per litre and diesel to N1,620 per litre, marking the fourth price revision in less than two weeks as global crude oil benchmarks surge. The latest adjustment comes after a temporary suspension of loading operations, signaling mounting pressure in Nigeria’s downstream petroleum sector.

Industry sources confirmed that the refinery had communicated the new pricing template to marketers after several adjustments earlier this month.

The latest revision represents the fourth consecutive price increase in less than two weeks, underscoring mounting pressure in Nigeria’s downstream petroleum market amid rising global crude oil prices.

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The adjustment followed a brief suspension of petrol loading operations at the refinery and restrictions on truck-out activities, developments that had already sparked speculation among market participants about an imminent price review.

Under the revised structure, the N1,175 per litre petrol price marks a sharp increase from the previous N995 per litre, while diesel rose from N1,430 per litre to N1,620 per litre, reinforcing the upward trend in domestic fuel prices.

The price changes coincided with a rally in international crude oil benchmarks. As of about 1:00 p.m. WAT, Brent crude was trading at roughly $102.8 per barrel, up 10.9 per cent, while West Texas Intermediate (WTI) stood at around $101.0 per barrel, representing an 11.1 per cent increase.

Market participants noted that pricing decisions by the Dangote refinery often set the tone for depot prices across major fuel distribution hubs in Nigeria. As a result, marketers are expected to adjust their retail pricing strategies in response to the new gantry rates.

Analysts warned that the latest increase 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.

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