A senior official at the refinery confirmed the adjustment on Tuesday night, attributing the move to prevailing international crude oil benchmarks and broader market realities. Under the new pricing, petrol increased by ₦75 per litre to ₦1,275—a roughly 5.02 per cent rise—while diesel surged by ₦200 per litre to ₦1,950, inching closer to the ₦2,000 per litre threshold at the pump. Last month, petrol and diesel were priced at ₦1,200 and ₦1,750 per litre, respectively.
“The adjustment aligns with global market trends. The ongoing tensions in the Middle East have significantly influenced crude oil prices, which in turn impact refined product pricing,” the official explained. “Petrol has been reviewed upward by ₦75 to ₦1,275 per litre, while diesel increased more sharply by ₦200 to ₦1,950 per litre. These changes reflect the realities of the international market.”
Market monitoring data from Petroleumprice.ng corroborates the refinery’s announcement, confirming the 5.02 per cent increase for petrol at the gantry level.
The development comes despite expectations that increased local refining capacity would help stabilise fuel prices. Nigeria continues to rely on global crude benchmarks for pricing, leaving domestic fuel costs vulnerable to international market fluctuations.
Analysts warn that the latest gantry adjustments are likely to be passed on to consumers, triggering higher pump prices in the coming days. Global oil markets have been volatile in recent weeks, largely due to escalating tensions in the Middle East—a key crude supply region. Any perceived threat to supply routes typically drives price spikes, affecting refined petroleum products worldwide.
Even as an oil-producing nation, Nigeria’s deregulated downstream sector ties fuel prices to market forces, including crude oil costs, exchange rates, logistics, and refinery output. The Dangote Petroleum Refinery was expected to reduce import dependency and stabilise domestic prices, but experts caution that as long as crude prices remain globally benchmarked, local fluctuations are inevitable.
With consumers already facing high energy and transport costs, the price hikes could exacerbate inflationary pressures, posing challenges for economic recovery and household budgets alike.