BREAKING: Dangote Refinery Raises Petrol Price to ₦1,175 Per Litre
Nigeria’s fuel market has experienced another major shift as the Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre at the depot level.
The new price, which applies to marketers purchasing fuel directly from the refinery’s gantry, represents a significant increase from the previous rate of about ₦995 per litre announced earlier. The adjustment is expected to have an immediate impact on retail pump prices across the country.
Industry analysts say the development could push petrol prices at filling stations to ₦1,200 per litre or higher, depending on transportation costs, distribution margins, and location.
Market sources attribute the latest price hike to several factors affecting the global and local energy market. These include rising crude oil prices in the international market, fluctuations in foreign exchange rates, and operational costs within the downstream petroleum sector.
The price review also reflects ongoing changes in Nigeria’s fuel supply chain following the removal of petrol subsidies by the administration of Bola Ahmed Tinubu, a move that fully deregulated the downstream petroleum market and allowed market forces to determine fuel prices.
The increase is expected to place additional pressure on households and businesses across Nigeria. Higher petrol prices typically translate into increased transportation costs, higher food prices, and a rise in the cost of goods and services.
Commercial transport operators are already warning that fares may rise in many cities if the new petrol price remains unchanged.
The Dangote Petroleum Refinery, owned by Nigerian billionaire Aliko Dangote, is located in the Lekki Free Trade Zone in Lagos. With a refining capacity of about 650,000 barrels of crude oil per day, it is regarded as the largest refinery in Africa.
The facility was expected to reduce Nigeria’s dependence on imported petroleum products and stabilize domestic fuel prices. However, market dynamics and global crude oil fluctuations continue to influence the cost of refined products.
Energy experts say the coming weeks will determine whether the new price level stabilizes or if further adjustments will occur. Many Nigerians are now watching closely to see how marketers and transport operators respond to the development.
