The Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦995 per litre, marking a significant surge of ₦221 within just four days.
The latest price adjustment was confirmed on Friday night by a senior official at the refinery, who explained that the change reflects shifts in global oil market conditions and rising replacement costs for petroleum products.
According to the source, the new ex-depot price has officially been revised upward.
“Yes, the price has been adjusted. The current gantry price is now ₦995 per litre,” the official disclosed.
The increase follows a series of recent price changes by the refinery. Earlier in the week, the facility raised its ex-depot price from ₦774 to ₦874 per litre.
With the newest adjustment, the refinery’s petrol price has climbed sharply from ₦774 to ₦995 per litre in less than a week.
Industry monitoring platform petroleumprice.ng also confirmed that the updated gantry price has already been reflected on its portal.
Possible Impact on Pump Prices
Energy analysts warn that the hike could lead to another round of increases in retail petrol prices across Nigeria.
Market projections suggest that petrol could soon exceed ₦1,050 per litre in some parts of the country, depending on transportation expenses and marketers’ profit margins.
Temporary Halt in Fuel Loading
The latest development came shortly after the refinery briefly suspended petrol loading operations earlier on Friday.
Sources within the downstream sector revealed that truck loading activities were halted around 2:00 a.m., leaving depot operators and fuel marketers uncertain about the refinery’s next pricing move.
Industry insiders noted that such temporary suspensions in product loading have previously occurred ahead of price adjustments.
Refinery Defends Pricing Strategy
Officials of the refinery have consistently maintained that their pricing structure is guided by prevailing international market conditions rather than arbitrary decisions.
In a statement issued on Thursday, the company explained that petrol prices are influenced by several factors, including global crude oil prices, logistics expenses, and operational realities.
The refinery further emphasised that Nigeria’s downstream petroleum sector now operates under a fully deregulated system, where market forces such as crude oil prices, foreign exchange rates, and supply-demand dynamics determine product pricing.
Despite the recent hikes, the company stated that it had absorbed about 20 percent of the rising operational costs to help reduce pressure on the domestic market.
Imported Petrol Still Cheaper
Meanwhile, data released by the Major Energies Marketers Association of Nigeria (MEMAN) shows that imported petrol remains cheaper than locally refined supply.
According to MEMAN’s latest pricing data:
Dangote petrol gantry price previously stood at ₦874 per litre
The landing cost of imported petrol was estimated at ₦809.37 per litre
This indicates that imported petrol was roughly ₦64 cheaper than the product supplied by the Dangote refinery at the time.
MEMAN’s data also revealed that diesel from the refinery was priced at ₦1,169.42 per litre, compared with ₦1,125.70 per litre for imported diesel.
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The evolving pricing situation continues to draw attention within Nigeria’s energy sector, as stakeholders closely watch how global oil market trends and domestic supply factors will shape fuel prices in the coming weeks.