Nigeria’s largest private refinery, Dangote Petroleum Refinery, has raised its gantry price for Premium Motor Spirit (petrol) to N995 per litre, recording a significant increase of N221 within four days as global crude oil prices continue to fluctuate.
A senior official of the refinery, who requested anonymity, confirmed the development on Friday, explaining that the upward review followed recent changes in the international oil market.
The official stated that the refinery had reviewed its pricing structure and fixed the new gantry rate at N995 per litre for petrol loading by marketers.
The latest price represents a jump from the N874 per litre rate introduced earlier in the week, which itself came after the refinery raised the ex-depot price from N774 to N874 per litre.
With the new adjustment, the refinery’s petrol price has moved from N774 to N995 per litre within a period of four days, representing an increase of roughly 29 percent.
Industry checks on the petroleum pricing portal, petroleumprice.ng, also confirmed that the revised gantry price had already been updated on the platform, signalling a new benchmark for downstream petroleum pricing in the domestic market.
The development is expected to push retail petrol prices higher across many parts of the country, with pump prices likely to exceed N1,050 per litre depending on transport costs and marketers’ profit margins.
The increase came shortly after a temporary suspension of petrol loading activities at the refinery, a move that had earlier raised concerns among depot owners and fuel marketers about a possible price review.
Sources within the downstream sector disclosed that truck loading for petrol was halted around 2:00 a.m. on Friday, leaving market participants uncertain about the refinery’s next pricing direction.
Industry players also noted that similar pauses in product loading at the refinery had previously occurred shortly before major price adjustments.
Officials of the refinery have consistently defended their pricing decisions, maintaining that petrol prices must reflect the realities of global crude oil prices, operational expenses and logistics costs.
In an earlier statement, the company stressed that its pricing decisions are tied to movements in the international oil market and the cost of crude used in refining operations.
The refinery explained that Nigeria’s downstream petroleum sector now operates under a deregulated system where fuel prices are largely influenced by global crude oil prices, exchange rates and supply conditions.
It also assured Nigerians that domestic refining would help cushion the country from international supply disruptions, especially in the face of rising geopolitical tensions.
According to the company, the ongoing conflict affecting global oil supply routes has pushed up crude oil and freight costs, with Brent crude prices reportedly rising by about 26 percent to above 84 dollars per barrel within a short period.
The refinery further disclosed that it had absorbed nearly 20 percent of the rising production costs in an effort to reduce the pressure on the domestic fuel market.
