Amid escalating geopolitical tensions in the Middle East and their impact on global oil markets, the Dangote Petroleum Refinery has increased the gantry prices of petrol and diesel, adding further strain on consumers and businesses across Nigeria.
A senior refinery official confirmed the adjustment on Tuesday night, explaining that the new pricing reflects current international crude oil benchmarks and prevailing market conditions.
Under the revised rates, petrol has risen by ₦75 per litre to ₦1,275—an increase of about 5.02 percent—while diesel jumped by ₦200 per litre to ₦1,950. This marks a notable rise from last month’s prices of ₦1,200 for petrol and ₦1,750 for diesel, bringing diesel closer to the ₦2,000 per litre threshold.
According to the official, the price hike is driven by external factors, particularly ongoing tensions in the Middle East, which continue to influence global crude oil prices and, by extension, refined product costs.
Market data also confirmed the increase, showing a 5.02 percent rise in petrol prices at the gantry level.
The development comes despite expectations that increased local refining capacity would help stabilise fuel prices. However, analysts note that Nigeria remains vulnerable to global oil price fluctuations due to its reliance on international benchmarks.
With the latest adjustment, marketers are expected to raise pump prices nationwide, potentially triggering higher transportation and energy costs.
Although Nigeria is an oil-producing nation, its deregulated downstream sector means fuel prices are largely dictated by market forces, including global crude prices, exchange rates, logistics, and refinery operations.
While the Dangote refinery—Africa’s largest—was anticipated to reduce reliance on fuel imports and stabilise prices, experts argue that domestic fuel costs will continue to fluctuate as long as they remain tied to global market trends.
The increase also raises fresh concerns about affordability, as many Nigerians are already dealing with high living and transportation costs, with fears that sustained hikes could worsen inflation and slow economic recovery.