Nigeria’s energy market is facing renewed pressure as the Dangote Petroleum Refinery has increased the gantry prices of petrol and diesel, reflecting ongoing volatility in global oil markets.
According to a senior official at the refinery, the adjustment was driven by rising international crude oil prices, largely influenced by geopolitical tensions in the Middle East. The official explained that external market conditions continue to shape domestic fuel pricing under Nigeria’s deregulated system.
Under the new pricing structure, petrol rose by N75 per litre to N1,275, representing a 5.02 per cent increase from its previous price of N1,200. Diesel recorded a sharper jump of N200 per litre, climbing from N1,750 to N1,950, bringing it close to the N2,000 mark.
The price review aligns with global energy trends, where supply concerns and regional instability have pushed crude oil benchmarks upward. These developments have had a direct impact on refined petroleum products, including those produced locally.
Market data from Petroleumprice.ng confirmed the increase, noting that the new petrol price reflects a significant adjustment at the gantry level. Industry analysts warn that the rise is likely to cascade into higher pump prices nationwide, as marketers pass on additional costs to consumers.
The development comes despite expectations that increased local refining capacity would help stabilise fuel prices. While the Dangote refinery has reduced reliance on imports, Nigeria’s pricing structure remains tied to international crude oil benchmarks, making it vulnerable to global fluctuations.
Experts say that factors such as exchange rates, logistics costs, and crude oil pricing continue to influence domestic fuel costs. As a result, local production alone may not shield consumers from price volatility.
The latest increase has raised concerns about affordability, particularly for households and businesses already dealing with high transportation and energy expenses. Economists warn that sustained fuel price hikes could further drive inflation and slow economic recovery.
With global oil markets still uncertain, stakeholders are closely monitoring developments, as any further escalation in geopolitical tensions could lead to additional price adjustments in the coming weeks.
