The Dangote Petroleum Refinery has raised its petrol gantry price to N995 per litre, citing surging global crude oil and freight costs driven by Middle East tensions.
The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price to N995 per litre, marking a sharp N221 rise within just four days as global crude oil prices and shipping costs fluctuate amid the escalating US-Iran conflict. A senior official confirmed on Friday that “the new gantry price is now N995 per litre,” a 29 percent jump from the previous N774 rate, noting that the adjustment is a response to international market movements where benchmark Brent prices have risen “about 26 per cent within a short period to above $84.0 per barrel.”
While the refinery emphasized that it has “absorbed about 20 percent of the rising costs” to prioritize the domestic market and insulate Nigeria from global supply shocks, the hike follows a brief suspension of loading operations that left marketers “uncertain about the refinery’s next pricing direction.” Despite the refinery’s efforts to stabilize supply, data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates that Dangote’s new pricing remains higher than the landing cost of imported fuel, leading to projections that retail pump prices could soon exceed N1,050 per litre across the country.
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