Dangote Refinery Hikes Petrol to N1,275, Diesel Hits N1,950 Amid Global Oil Volatility

Nigeria’s Dangote Petroleum Refinery has raised the gantry price of petrol and diesel, with petrol now costing N1,275 per litre and diesel jumping to N1,950 per litre. The increases come amid rising geopolitical tensions in the Middle East, which have pushed global crude oil prices higher and affected local fuel costs.

A top refinery official, speaking to journalists on Tuesday night, said the pricing adjustment reflects international market realities. “Petrol has been reviewed upward by N75 per litre, while diesel has increased by N200 per litre. These changes mirror the current global crude oil benchmarks,” the official said, emphasizing that external factors are driving domestic price shifts.

The new rates represent a 5.02 per cent increase for petrol and a sharper rise for diesel, signaling that diesel could soon surpass N2,000 per litre at the pump. Last month, petrol was N1,200 per litre and diesel N1,750, meaning consumers and businesses are facing tighter financial pressure as energy costs rise.

Experts note that despite Nigeria’s local refining capacity, domestic fuel prices remain vulnerable to global market fluctuations due to the country’s reliance on international crude benchmarks. Analysts warn that pump prices across the country are likely to increase as marketers adjust for the higher gantry costs, further straining household budgets and transportation costs.

Global oil market volatility continues to impact Nigerian consumers. Even with Africa’s largest refinery in operation, sustained price hikes threaten affordability, with potential knock-on effects for inflation and economic recovery. The Dangote Refinery’s latest adjustment underscores the delicate balance between local production and international market forces shaping Nigeria’s energy sector.

source: punch