Prosper Okoye
Dangote Petroleum Refinery has increased the gantry prices of petrol and diesel, adding fresh pressure on consumers and businesses already grappling with high energy and transport costs in Africa’s largest economy.
A senior official at the refinery said Tuesday the price adjustment reflects rising international crude oil benchmarks and broader market conditions, including geopolitical tensions affecting global supply.
Under the new pricing template, petrol rose by 75 naira to 1,275 naira per litre, an increase of about 5%, while diesel jumped by 200 naira to 1,950 naira per litre. The latest hike follows last month’s prices of 1,200 naira for petrol and 1,750 naira for diesel, pushing diesel closer to the 2,000 naira mark.
Join our WhatsApp Channel“The adjustment is in line with global market trends,” the official said, citing instability in the Middle East that has driven up crude oil prices. “These are external factors that directly influence refined product pricing.”
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Industry data from Petroleumprice.ng confirmed the increase, showing a 5.02% rise in petrol prices at the gantry level.
The development comes despite expectations that increased domestic refining capacity would help stabilise fuel prices in Nigeria. While the Dangote refinery — the largest in Africa — was built to reduce reliance on imported fuel, analysts say the country remains exposed to global oil price swings because pricing is still tied to international crude benchmarks.
Nigeria operates a deregulated downstream petroleum sector, where fuel prices are largely determined by market forces, including global crude prices, exchange rates and logistics costs.
Marketers are expected to pass the higher costs on to consumers, potentially triggering another round of pump price increases nationwide in the coming days.
Global oil markets have remained volatile in recent weeks amid heightened tensions in the Middle East, a key oil-producing region. Any disruption — or perceived risk to supply — typically leads to price spikes that ripple through refined fuel markets worldwide.
Economists warn the latest increase could worsen inflationary pressures in Nigeria, where households and businesses are already facing rising costs. Higher diesel prices, in particular, are expected to drive up transportation and production expenses, slowing economic recovery.
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
