Dangote Refinery Hikes Petrol Price to N874 Per Litre as Global Oil Surge Bites

|By Babatunji Wusu

The Dangote Refinery has raised its Premium Motor Spirit (PMS) gantry price to N874 per litre, marking a N75 increase from the previous N799 rate.

The 650,000-barrel-per-day facility, regarded as Africa’s largest refinery, effected the upward adjustment on Monday, signaling fresh pressure on Nigeria’s downstream petroleum market.

Confirming the development exclusively, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, attributed the price hike to surging global crude oil prices triggered by escalating tensions involving Iran, United States and Israel.

“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” Ukadike stated.

He warned that the refinery’s new ex-depot price would inevitably push retail fuel prices higher across the country, as marketers adjust pump rates to reflect increased acquisition costs.

Market data on Monday showed benchmark crude blends climbing sharply. Brent Crude rose to $78.50 per barrel from $72.87 recorded on Saturday, while West Texas Intermediate advanced to $71.84 per barrel from $67.02 within the same period. The spike underscores the growing volatility in the international oil market amid geopolitical uncertainty.

This is not the first upward review this year. On January 27, the Dangote Refinery had increased its petrol price by N100 per litre, raising it to N799 before Monday’s fresh adjustment.

Industry analysts say sustained instability in global oil supply chains could further disrupt pricing dynamics in Nigeria’s deregulated downstream sector, with consumers likely to bear the brunt if crude prices continue their upward trajectory.