Dangote Refinery Raises Petrol Gantry Price to N1,350

Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit, commonly known as petrol, from N1,265 to N1,350 per litre.

The latest adjustment represents an N85, or 6.7 per cent, increase and is expected to trigger further changes in depot and retail petrol prices across the country.

The development comes barely two weeks after the refinery increased its gantry price from N1,200 to N1,265 per litre, marking another significant adjustment in the downstream petroleum market.

The latest increase comes amid rising international crude prices and higher costs of replenishing petroleum stocks, with Brent crude trading above $100 per barrel.

Industry operators have said changes in refinery and wholesale prices are likely to be reflected at filling stations as marketers adjust their prices to cover replacement costs.

The latest adjustment is also expected to increase pressure on transportation costs and the prices of goods and services, particularly as consumers continue to contend with elevated living costs.

Dangote Refinery has become a major supplier of refined petroleum products to the Nigerian market since commencing operations, with its 700,000 barrels-per-day capacity making it Africa’s largest oil refinery.

The refinery’s price adjustments have increasingly influenced domestic petrol prices, with marketers responding to changes in crude costs, foreign exchange, freight charges and other operating expenses.

The latest hike comes as the refinery operates at high capacity and expands its role in Nigeria’s downstream petroleum market.