Prosper Okoye
Fuel prices in Nigeria are expected to rise sharply after a hike in refinery rates, as Africa’s richest man Aliko Dangote outlined broader plans to expand into power, steel and infrastructure.
The Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit (petrol) to 874 naira ($0.56) per litre from 774 naira, according to industry sources, citing higher global crude costs.
Retail prices at filling stations could now climb to between 980 naira and above 1,000 naira per litre, depending on location, the Independent Petroleum Marketers Association of Nigeria said.
Join our WhatsApp Channel“The pump price will likely range between N980 and over N1,000 per litre,” the association’s spokesperson said, attributing the increase to rising crude oil prices on international markets.
The price adjustment follows a temporary suspension of petrol loading at the refinery earlier this week, as operators reassessed costs amid a surge in global oil prices.
Oil markets have been volatile following escalating tensions between the United States and Iran, raising concerns over supply disruptions through the strategic Strait of Hormuz — a key route for global crude shipments.
Analysts warn that further increases in pump prices are likely if crude prices continue to rise, with some projections suggesting oil could exceed $90 per barrel in the near term.
Investment bank JPMorgan Chase has said prices could climb as high as $120 per barrel in the event of prolonged disruption in the Middle East.
The refinery, which has capacity to process about 650,000 barrels per day, is central to Nigeria’s efforts to reduce fuel imports and stabilise supply.
Dangote said the refinery is part of a wider industrial strategy aimed at boosting Africa’s economic self-sufficiency, with planned investments in electricity generation, steel production and port infrastructure.
“We have to industrialise Africa,” he said in a recent interview, stressing that reliable power supply remains critical to economic growth.
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Nigeria, Africa’s largest oil producer, has long struggled with refining capacity and relies heavily on imports despite its crude oil reserves.
Industry analysts say the latest price increase highlights the continued exposure of domestic fuel prices to global market swings, even as local refining capacity expands.
Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa
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