Dangote Refinery Raises Petrol Price to ₦1,175 per Litre

Dangote Refinery has increased the wholesale price of petrol to 1,175 naira ($0.70) per litre, the third hike in a week amid volatile market conditions, a company official said Monday.

The adjustment, up from 995 naira announced Friday, also saw diesel prices rise to 1,620 naira per litre, according to the official who spoke on condition of anonymity as he was not authorised to comment publicly.

“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official told ANN.

He added: “The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”

The latest increase follows a temporary halt in petrol sales at the refinery on Sunday, with the new rates taking effect Monday for marketers.

Retail prices at filling stations have already surpassed 1,000 naira in several states, reaching up to 1,200 naira in some areas, exacerbating economic pressures on consumers and businesses.

The hikes are expected to drive up transportation and production costs nationwide, further inflating the price of goods and services.

The $20-billion Lekki-based facility, Africa’s largest refinery, had previously raised prices from 774 naira to 995 naira within the same week.

Despite government efforts through the Nigerian National Petroleum Company Limited to secure crude supplies via international traders, officials have cautioned that consumer prices may not fall immediately.