The Dangote Petroleum Refinery has raised the gantry price of fuel and diesel once more, putting more strain on Nigerian consumers and companies.
Dangote changed its pricing in reaction to current global benchmarks for crude oil and market conditions, according to a senior refinery official who confirmed the development to our correspondent on Tuesday night.
According to the new price structure, diesel increased by N200 per litre to N1,950, while petrol increased by N75 per litre to N1,275, or roughly 5.02 percent.
This marks a sharp increase from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel, signalling that diesel is now on track to breach the N2,000 per litre mark at the pump, further intensifying cost pressures across the economy.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. These are external factors that directly influence refined product pricing,” the official said.
He added, “Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”
According to market data from Petroleumprice.ng, the most recent petrol price represents a 5.02% increase at the gantry level, supporting the development.
The development comes at a time when stakeholders had hoped that increased local refining capacity would help stabilise domestic fuel prices. However, Nigeria remains exposed to global oil price volatility due to its heavy reliance on international crude benchmarks for pricing.
The most recent increase may set off a new wave of pump price hikes across the country, with marketers anticipated to pass the extra expense on to customers in the days ahead.
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