Fuel to hit ₦1,050 as Dangote Raises Petrol Price
Last update: March 7, 2026
Disclaimer: This website may contain affiliate links, which means we may earn a commission if you click on the link and make a purchase. We only recommend products or services that we personally use and believe will add value to our readers. Your support is appreciated!
Dangote's latest increase may push pump prices above ₦1,050 per litre across Nigeria...
The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to ₦995 per litre, representing a sharp ₦221 rise within just four days.
The adjustment comes amid ongoing volatility in global crude oil prices and increasing replacement costs for refined products.
A senior official of the refinery confirmed the development on Friday night, explaining that the price review followed recent changes in the global oil market.
“Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said on condition of anonymity.
CBI News reports that the new gantry price marks an increase from ₦874 per litre, which had only been introduced earlier this week after the refinery raised its ex-depot price from ₦774 to ₦874 per litre.
With the latest revision, petrol from the refinery has surged from ₦774 to ₦995 per litre in a span of four days.
Checks on petroleumprice.ng also confirmed that the updated gantry price had already been reflected on the portal, signalling a shift in domestic downstream pricing benchmarks.
The latest adjustment is expected to trigger another rise in retail pump prices across the country.
Petrol could sell above ₦1,050 per litre in several locations, depending on transportation costs and marketers’ margins.
The development also follows a temporary halt in petrol loading operations at the refinery, a situation that had earlier raised concerns among marketers about a possible price hike.
Industry sources disclosed that truck-out operations for petrol were suspended around 2:00 a.m. on Friday, leaving depot owners and bulk marketers uncertain about the refinery’s next pricing direction.
Market participants noted that similar pauses in petrol loading at the facility have historically occurred before price adjustments are announced.
Officials of the refinery have consistently defended their pricing approach, stressing that petrol prices must reflect prevailing global crude oil costs, logistics expenses and operational realities.
In a statement issued on Thursday, the refinery maintained that it does not arbitrarily set prices but makes adjustments based on international market trends and the cost of crude oil used in refining.
According to the company, its pricing strategy aligns with Nigeria’s transition to a fully deregulated downstream petroleum market, where petrol prices are largely influenced by global crude oil prices, foreign exchange rates and supply dynamics.
The refinery added that it has absorbed about 20 percent of the rising costs in order to help reduce pressure on the domestic market.
Meanwhile, data from the Major Energies Marketers Association of Nigeria shows that imported petrol is currently cheaper than locally refined fuel from the Dangote facility.
The association reported that Dangote’s petrol gantry price stood at ₦874 per litre as of Monday, while the landing cost of imported petrol was ₦809.37 per litre, indicating a difference of about ₦64.
According to the data, Dangote’s diesel price was ₦1,169.42 per litre, while imported diesel stood at ₦1,125.70 per litre.
